Tracxn Technologies IPO - 7 Things to Know
Tracxn Technologies, which had filed DRHP with SEBI for its proposed IPO in mid-Aug 2021 has got SEBI approval for its IPO. Here is what you need to know.
Seven thing to know about the Tracxn Technologies IPO
1) The Tracxn Technologies IPO will entirely be an offer for sale. The OFS will comprise of 3,86,72,208 shares offered by the promoters and early investors in the company.
Since there is no fresh issue component, there will be no fresh funds coming and no change in the capital size, except for some change in ownership.
2) Out of the OFS of nearly 3.87 crore shares, Elevation Capital will offer 1.09 crore shares, Accel India will offer 40.2 lakh shares and SCI Investments will offer 21.81 lakh shares.
In addition, the 2 Flipkart founders, Binny Bansal and Sachin Bansal, will offer 12.63 lakh shares each. Promoters Neha Singh and Abhishek Goyal will sell 76.62 lakh shares each.
3) Tracxn Technologies is among the leading providers of market intelligence pertaining to private unlisted companies and start-ups.
It operates on the Software as a Service (SaaS) model. With its large mined start-up and unlisted company database, it has a subscription based revenue model for its regular flows.
4) Tracxn Technologies has the largest coverage on emerging technology sectors like artificial intelligence, machine learning, robotics, virtual reality, blockchain, alternate energy etc.
Its subscribers include institutional investors, investment bankers, fund managers, venture capitalists and PE funds looking for good deep value opportunities.
5) The company is headquartered in Bengaluru and was founded in 2015 by two former venture capitalists at Sequoia and Accel, Neha Singh and Abhishek Goyal.
The idea was to fill the huge gap between people with investable surplus and entrepreneurs with good and bright ideas.
6) Tracxn Technologies currently tracks more than 14 lakh private companies and start-ups with its proprietary model being used to bucket the model into a particular slot after which the due diligence on the company can commence.
Tracxn has over 855 subscribers spread across 50 countries; largely VCs, PE players and large corporates.
7) IIFL Securities will be the sole book running lead manager (BRLM) to the IPO. Now that the regulator has approved the IPO, the next steps would be file the RHP with the registrar of companies (ROC) and proceed with the issue.
The purpose of the IPO is to get the shares listed on the stock exchange and make the equity capital available as a future currency.
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