Tracxn Technologies‘ stock debuted on October 20 as the data provider at a 5% premium after its IPO. The shares opened at Rs 83 on the issue price, Rs 80 at the issue price, and Rs 84.50 on the NSE.

Traxcn, one of the leading players in private market data services, its public offering was only bought 2.01 times by investors between October 10 and 12, mainly by qualified institutions with a 75% quota in the IPO.

The Rs 309 crore raised through the IPO will be used to sell shareholders (both promoters and investors) as the offering is an offer to sell. Flipkart founders Sachin Bansal and Binny Bansal exited the company, while the shares of promoters Abhishek Goyal and Neha Singh fell below 35% after the offering. The price range of the offer is Rs 75-80 per share.

Tracxn launched its platform in fiscal 2015 and has become a major player in the private market data service provider space. It is one of the world’s leading private company data market intelligence providers and is ranked among the top five globally by many companies across industries and geographies.

The company has an asset-light business model and operates a software-as-a-service-based platform called Tracxn, which broke even and locked in profits in the quarter that ended June FY23.

It recorded a profit of Rs 0.8 crore and an operating income of Rs 18.4 crore in the June quarter, compared with losses of Rs 0.7 crore and Rs 14.97 crore in the corresponding period of the previous fiscal.

It lost Rs 4.8 crore in FY22, Rs 5.3 crore in FY21 and Rs 54 crore in FY20, while its revenue grew at a CAGR of 30.4% in these years, 70% of which came from International Business.