Tracxn, a private market intelligence platform based in Bengaluru, has filed a draft red herring prospectus (DRHP) with the stock market regulator SEBI in order to sell 38.67 million shares in its initial public offering (IPO). The amount that the eight-year-old company intends to raise through this public offering has not been disclosed.
According to DRHP, the initial share sale will be an offer for sale (OFS) of 38,672,208 equity shares by promoter and investor selling shareholders (DRHP). Investors such as Flipkart’s Sachin Bansal and Binny Bansal, Elevation Capital, Accel India, and Sequoia Capital India would be selling their shareholdings.
The OFS will see promoters Neha Singh and Abhishek Goyal sell up to 76.62 lakh shares each, Flipkart founders Binny Bansal and Sachin Bansal sell up to 12.63 lakh shares each, Elevation Capital sell up to 1.09 crore shares, Accel India IV Mauritius sell up to 40.2 lakh shares, and SCI Investments V sell up to 21.81 lakh shares.
The issue’s book running lead manager has been appointed as IIFL Securities.
Tracxn was founded in 2013 by Neha Singh and Abhishek Goyal, who both have had their stints as venture capitalists at Sequoia and Accel Partners respectively.
The B2B firm provides private company data for deal sourcing, identifying M&A targets, deal diligence, analysis, and tracking emerging themes across industries and markets.
It claims to monitor over 1.4 million private companies and has 855 subscription customers in 50 countries. Venture capital (VC) firms, private equity funds, and large corporations would be among its customers.
Tracxn reported 55.7 crores in revenue for the fiscal year that ended March 2021. According to the company, 70 percent of its revenue comes from markets outside of India, primarily Europe, the Middle East, and Africa (EMEA), and North America.
Currently, the company tracks over 1.4 million private companies and works with 855 subscription customers in 50 countries, including venture capital, private equity funds, and large corporations.