Tracxn Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Oct 2022 – 12 Oct 2022
- Listing date
- 20 Oct 2022
- Face value
- ₹1 per share
- Issue price
- ₹80 per share
- Lot size
- 185 shares
- Total issue size
- ₹309 Cr
- Market cap at offer price
- ₹802 Cr
- Promoter holding
- 50.93% → 35.65% pre-issue → post-issue
- ISIN
- INE0HMF01019
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- IIFL Capital Services Ltd.
- Registered office
- 48, First Floor, DVG Road, Basavangudi, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,74,02,494 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 185 shares per lot, in multiples, at ₹80
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 185 | ₹14,800 |
| Retail (max) | 13 | 2,405 | ₹1,92,400 |
| S-HNI (min) | 14 | 2,590 | ₹2,07,200 |
| S-HNI (max) | 67 | 12,395 | ₹9,91,600 |
| B-HNI (min) | 68 | 12,580 | ₹10,06,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −0.48 | — |
| Market cap | — | ₹802 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
- Return on net worth
- −23.49%
- ROCE
- −28.00%
- EBITDA margin
- −10.10%
- NAV per share
- ₹2.06
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Tracxn Technologies
Tracxn Technologies Limited is among the leading global market intelligence providers for private company data, ranking among the top five players globally in terms of number of companies profiled. The company operates a SaaS-based platform called Tracxn that scans over 662 million web domains and profiles over 1.84 million entities across 2,003 Feeds as of June 30, 2022. The platform has one of the largest coverages of private companies in emerging technology sectors including IoT, artificial intelligence, virtual reality, robotics, blockchain and electric vehicles. The company was incorporated in Bengaluru on August 11, 2012 as Tracxn Technologies Private Limited and converted to a public limited company on July 28, 2021. It generates revenue through subscription-based access to its platform, with customers including PE, VC, investment firms, large corporates and other entities interested in private market data.
Company Analysis
from RHPTracxn is a leading global SaaS-based market intelligence platform that provides private company data and analytics across emerging technology sectors.
Tracxn Technologies Limited is among the leading global market intelligence providers for private company data, ranking among the top five players globally in terms of number of companies profiled. The company operates a SaaS-based platform called Tracxn that scans over 662 million web domains and profiles over 1.84 million entities across 2,003 Feeds as of June 30, 2022. The platform has one of the largest coverages of private companies in emerging technology sectors including IoT, artificial intelligence, virtual reality, robotics, blockchain and electric vehicles. The company was incorporated in Bengaluru on August 11, 2012 as Tracxn Technologies Private Limited and converted to a public limited company on July 28, 2021. It generates revenue through subscription-based access to its platform, with customers including PE, VC, investment firms, large corporates and other entities interested in private market data.
Objects of the Issue
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges and the sale of Equity Shares by the Selling Shareholders p.24
- Benefits of listing the Equity Shares on the Stock Exchanges and the sale of Equity Shares by Selling Shareholders to achieve brand enhancement and provide liquidity to existing shareholders ₹ 3,093,776.64 thousand (subject to finalisation of Basis of Allotment) p.97
- Offer for Sale by the Selling Shareholders ₹3,093,776.64 thousand p.313
Issue Structure
- Total Issue
- ₹3,093,776.64 thousand (38,672,208 Equity Shares at ₹80 per share)
- Offer for Sale
- 38,672,208 Equity Shares aggregating to ₹3,093,776.64 thousand
- Price Band
- ₹75 - ₹80 per Equity Share
- Lot Size
- 185 Equity Shares and in multiples of 185 Equity Shares thereafter
- Face Value
- ₹1 per Equity Share
Business Model
Subscription-based SaaS model. The company derives all revenue from operations from customer subscriptions to its Tracxn platform. In Fiscal 2022, revenue from operations was ₹634,535.12 thousand, with annual billing accounts comprising 59.72% of total subscriptions billed to customers. The company's customer retention rate was 74.07% in Fiscal 2022.
Business Segments
SWOT Analysis
- • Leading global position in private market data(p.24)
- • Extensive coverage of emerging technology sectors(p.24)
- • Large proprietary database of companies(p.24)
- • Strong revenue growth trajectory(p.41)
- • Achieving profitability with positive operating cash flows(p.39)
- • Leading global provider of private market data with extensive coverage(p.141)
- • Largest coverage of emerging technology sectors(p.141)
- • Scalable, in-house developed technology platform(p.100)
- • Significant cost advantages from India-based operations(p.100)
- • Diverse, geographically distributed customer base(p.100)
- • Experienced leadership backed by marquee investors(p.100)
- • Proprietary technology taxonomy for emerging sectors(p.141)
- • Strong customer growth trajectory(p.141)
- • Established data collection and curation capabilities across multiple sources(p.163)
- • Founders with strong educational pedigree and prior experience at leading firms(p.172)
- • Global customer reach spanning over 58 countries(p.164)
- • Recognition and awards from industry bodies(p.164)
- • Revenue growth from platform subscription services(p.277)
- • Improved unit economics and path to profitability(p.276)
- • Positive EBITDA and operating leverage(p.276)
- • High historical employee attrition rates(p.37)
- • Past operating losses and negative cash flows(p.39)
- • Dependence on a single revenue stream(p.32)
- • Limited operating history in international markets(p.36)
- • Employee benefit expenses represent largest annual expense(p.42)
- • Income tax contingent liability related to share issuance(p.51)
- • Dependence on subscription fee model with no revenue from new company proceeds(p.67)
- • Limited geographic presence in North America relative to market opportunity(p.139)
- • Relatively new entrant to the industry(p.139)
- • High employee attrition rates(p.158)
- • Operating losses and negative profitability(p.100)
- • Negative return on net worth(p.101)
- • Significant accumulated losses and negative retained earnings as of March 2020(p.203)
- • High employee benefit expense relative to revenue, indicating cost structure challenges(p.202)
- • Dependence on investor liquidation preferences through CCPS put options until IPO completion(p.209)
- • No declared or paid dividends in recent years despite operating(p.192)
- • History of significant cumulative losses(p.279)
- • Negative tangible assets and negative net worth in prior years(p.300)
- • Concentration of employee costs(p.278)
- • Reliance on investment portfolio and non-operating income(p.277)
- • Significant market growth in B2B information services(p.24)
- • Growing private market data services market(p.24)
- • Expansion of investor base driving market growth(p.24)
- • International customer growth potential(p.36)
- • Growth in private markets data and analytics demand(p.49)
- • Listing and public market access(p.98)
- • Expand market share in high-growth APAC region(p.139)
- • Growing private market AUM and addressable market(p.147)
- • Expand into adjacent customer segments beyond core PE/VC(p.147)
- • Significant TAM growth in private market data services(p.147)
- • Inorganic growth through acquisitions and partnerships(p.147)
- • Further technology platform enhancements(p.139)
- • Expansion of platform features and product offerings serving investor ecosystem(p.164)
- • Growing addressable market as venture capital and private equity sectors expand(p.163)
- • International market penetration with existing presence in over 58 countries(p.164)
- • Establishment of API platform capabilities for customer integration(p.164)
- • Expansion of subscription customer base and revenue acceleration(p.277)
- • Growing demand from venture capital and private equity investors(p.289)
- • International market expansion with USD revenue exposure(p.288)
- • Intense competition from established competitors with greater resources(p.34)
- • Competitors with significant advantages in scale and resources(p.34)
- • Customer concentration risk and potential non-renewal(p.32)
- • Foreign exchange volatility impacting international revenue(p.36)
- • COVID-19 pandemic impact on customer spending(p.41)
- • Slow market adoption risk for private market data platforms(p.42)
- • Potential wage pressures in India affecting cost competitiveness(p.42)
- • Global economic downturn and financial market volatility(p.49)
- • Cyclical downturns in private capital markets(p.49)
- • Government restrictions on platform access in foreign jurisdictions(p.48)
- • Extensive regulatory compliance requirements(p.48)
- • Data privacy and protection law complexity(p.51)
- • Slowdown in Indian economy affects business growth(p.58)
- • Global supply chain and geopolitical risks(p.59)
- • Competition from free online information sources and internal databases(p.157)
- • Competition from established private market data providers(p.157)
- • Global economic slowdown and macroeconomic uncertainty(p.105)
- • Slowdown in venture capital and private equity activity(p.122)
- • Data accuracy and availability challenges for private companies(p.130)
- • Geopolitical and macro risks impacting business environment(p.105)
- • Regulatory restrictions on foreign investment in certain sectors(p.161)
- • Foreign exchange management and NRI/FPI holding limitations(p.161)
- • GST and multiple tax compliance requirements across states(p.161)
- • Labor law compliance requirements across multiple states affecting operations(p.161)
- • COVID-19 pandemic impact on business continuity(p.289)
- • Contingent tax litigation(p.285)
- • Income tax matters under dispute(p.293)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Neha Singh | Promoter | 25.46% | — |
| Abhishek Goyal | Promoter | 25.46% | — |
| Neha Singh | Promoter | 25.46% | 17.82% |
| Abhishek Goyal | Promoter | 25.46% | 17.82% |
| Neha Singh | Promoter | — | — |
| Abhishek Goyal | Promoter | — | — |
| Ratan Tata | Angel Investor | — | — |
| Neha Singh | Promoter | 25.46% | 17.82% |
| Abhishek Goyal | Promoter | 25.46% | 17.82% |
| Neha Singh | Promoter | 25.46% | — |
| Abhishek Goyal | Promoter | 25.46% | — |
| Neha Singh | Promoter | — | — |
| Abhishek Goyal | Promoter | — | — |
| Abhishek Goyal | Founder | — | — |
| Neha Singh | Founder | — | — |
| Neha Singh | Promoter/Promoter Selling Shareholder | — | — |
| Abhishek Goyal | Promoter/Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.