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Tracxn Technologies Secures Rs 139 Crore from Anchor Investor

Picture Source: Internet

Market intelligence platform Tracxn Technologies said on Friday that it had raised more than Rs 139 crore from anchor investors. The company’s initial public offering (IPO) will be an offer for sale (OFS) of 38,672,208 shares issued by promoters and investors. Subscriptions will open on October 10.

According to a notice uploaded on the BSE website, it has decided to allocate a total of 1.74 crore shares to anchor investors at Rs 80 per share in a deal size of Rs 139.22 crore. India Acorn Fund, BNP Paribas Arbitrage, Whiteoak Capital, Kotak Mutual Fund (MF), ICICI Prudential MF, Nippon India MF and Reliance General Insurance Company are the lead investors.

OFS will see promoters Neha Singh and Abhishek Goyal each sell 76.62 lakh shares, while Flipkart founders Binny Bansal and Sachin Bansal each sell 12.63 lakh shares. Elevation Capital will cut as much as 1.09 crore shares, Accel India IV Mauritius 40.2 lakh shares, SCI Investments V 21.81 lakh shares and Sahil Barua 2.07 lakh shares.

The offering, priced at Rs 75-80 per share, will open for subscription on October 10 and close on October 12. The IPO is expected to fetch Rs 309 crore at the upper end of the price range. Operating on a Software-as-a-Service (SaaS) model, the Bengaluru-based company is one of the leading private company data market intelligence providers.

Tracxn was founded in 2015, by Neha Singh and Abhishek Goyal, venture capitalists at Sequoia Capital and Accel Partners. As of June this year, the company had 3,271 users across 1,139 customer accounts in more than 58 countries.

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