Bangalore As per BSE data, the initial public offering of Accel- and Elevation-backed Traxon Technologies received muted interest on the first day, with only 23% of the shares subscribed.
While bids were received for 4.96 million shares as against 21.26 million shares on offer, the retail portion was subscribed 1.23 times. However, the IPO did not receive bids from qualified institutional buyers. It closes on 12 October.
The allocation to non-institutional investors was subscribed 0.04 times or just 5.8 million shares compared to the 20.7 million shares on offer.
The Bangalore-based private intelligence and analytics firm is looking to reach out to 309 crore through Offer for Sale (OFS) of 38.67 million shares. It kept the price of the shares in the range 75-80 per.
Flipkart founders Sachin and Binny Bansal are among the investors looking to exit the company as it is listed on the public market.
The muted response to the IPO comes amid tough macroeconomic conditions coupled with rising interest rates, high inflation and a bearish stock market weakening investor sentiments.
Tracxn raised before IPO 139 crore from 15 anchor investors including India Acorn Fund, BNP Paribas Arbitrage, Whiteoak Capital, Kotak Mutual Fund, ICICI Prudential MF, Nippon India MF, and Reliance General Insurance Company. Anchor investors subscribed to 17.4 million shares 80 per.
Tracxn was founded in 2012 by Neha Singh and Abhishek Goyal.
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