Shares of Tracxn Technologies Ltd. ended with strong gains on listing after its initial public offering was subscribed 2.01 times led by demand from retail and institutional investors.
The stock of the market intelligence provider listed at Rs 83 apiece on the BSE Ltd., a premium of 3.75% to its IPO price of Rs 80 apiece. On the National Stock Exchange of India Ltd., the stock debuted at Rs 84.50, a 5.63% premium.
The stock ended at a premium of 16.69% over the IPO price and 12.47% from its listing price to end at Rs 93.35. During early trade, it has gained 20% and 25% over its listing and IPO price, respectively, to hit Rs 99.60.
The initial stake sale, which opened for subscription on Oct. 10, was subscribed 23% on its first day of subscription, while it was subscribed 54% on the second day.
The IPO, which represents 38.55% of the company's equity capital post the offering, included an offer for sale at a price band of Rs 75-80 apiece. Therefore, the money raised will not come to the company.
The pre-IPO expenses incurred by the company will be fully reimbursed by the selling investors and reflect in the third quarter of the financial year.
Flipkart promoters, which were early-stage investors in the company, exited via the offer for sale, while the Tata group continue to remain invested in the company.
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