Tracxn Tech IPO 2nd day subscription status only retail investors reserved portion over subscribed check gray market gmp signal

Tracxn Tech IPO: The IPO of Tracxn Technologies, a company that provides information about companies, has been subscribed only 32 per cent in two days but retail investors are showing tremendous interest. The share reserved for retail investors is subscribed 1.73 times while that of non-institutional investors (NIIs) is subscribed 9 per cent.

No bids have been received for the reserved share of Qualified Institutional Buyers (QIBs). Overall this issue is subscribed 0.34 times. There will be 2.12 crore equity shares under this issue. Earlier the company was planning to issue 3.86 crore shares but the issue size was reduced after raising Rs 139 crore from anchor investors last Friday.

What is the indication of gray market

Traxon Technologies shares are trading at a premium in the gray market. The gray market premium (GMP) of its shares in the gray market is Rs 7. However, according to experts, investing only on the basis of signals from the gray market is not right. Instead, a decision should be taken on the basis of the fundamentals and financial performance of the company.

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What is the opinion of experts

According to brokerage firm Hem Securities, Traxon Tech provides information on companies whose client base is growing rapidly. Apart from this, it also has a cost advantage and its promoters, board of directors, senior management team and morqui investors are highly experienced. For all these reasons Hem Securities has given subscribe rating to this IPO.

Tracxn Tech IPO Details

The IPO of Traxon Technologies will be open till tomorrow i.e. October 12 and the issue is purely of Offer for Sale (OFS). Promoters Neha Singh and Abhishek Goyal will sell 76.62-76.62 lakh shares through OFS window. Apart from this, 12.63-12.63 lakh shares held by the founders of Flipkart- Sachin Bansal and Binny Bansal will also be sold. In this issue, investors will be able to invest in lots of 185 shares in the price band of Rs 75-80 per share.

Details about the company

Tracxn Technologies is an information platform operating on a ‘Software as a Service’ (SaaS) model. Through this, information about private companies is exchanged. Some of the prominent investors who have invested in Tracxn Technologies include Ratan Tata, Emeritus Chairman of Tata Sons, Binny Bansal and Sachin Bansal, co-founders of Flipkart, and Sahil Barua, co-founder of Delhivery. As of the end of the June quarter, Tracxn registered 3,271 users across 1,139 customer accounts in approximately 58 countries. Some of its customers are listed as Fortune 500 companies or their affiliates.

Disclaimer: The advice or views given on moneycontrol.com are the personal views of the expert/brokerage firm. Website or Management is not responsible for this. Moneycontrol advises users to always consult a certified expert before taking any investment decision.

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