PremiumTracxn Technologies debuted on the public stock markets on Thursday, with its shares listing at a premium of 5.6% on the National Stock Exchange (NSE).
The stock opened at ₹84.5 against the issue price of ₹80 on the NSE. On Bombay Stock Exchange (BSE), Tracxn listed at a premium of 3.75% at ₹83.
The lukewarm debut comes amid challenging market and bearish sentiment, which have affected other startups too.
Last week, Droom Technology withdrew its initial public offering (IPO). Meanwhile, digital payments firm Mobikwik, which filed its draft red herring prospectus in July last year, has also not gone ahead with its listing.
The stock prices of tech-startups that debuted amid a bull run in the financial markets have also slumped in the present year.
The Bengaluru-based private market data provider’s IPO had opened for subscription between October 10-12. Through an offer for sale, Tracxn offered to sell 38.67 million shares, each priced between ₹75-80.
The ₹309 crore-issue saw a tepid response, getting oversubscribed– by over 2X–only on the final day of the IPO. Qualified institutional investors made bids on the third day, oversubscribing by 1.66 times.
The retail segment garnered the most interest with an oversubscription of 4.87 times. The non-institutional investors’ category was subscribed by 0.8 times.
Tracxn was founded in 2012 by Neha Singh and Abhishek Goyal and is backed by Elevation Capital, Accel Partners, Prime Venture Partners and KB Investments. It has 3,271 users across 1,139 customer accounts in over 58 countries (as of June-end) and competes with the likes of Crunchbase, CB Insights, PrivCo and Pitchbook.
Tracxn’s shares ended at ₹94.20 up 17.8% at the end of the day on NSE.