Shares of market intelligence platform Tracxn Technologies made a quiet debut on the domestic bourses on Thursday as the stock opened at ₹84.5, a premium of 5.63% over its issue price of ₹80 on the National Stock Exchange (NSE). On the Bombay Stock Exchange (BSE), the counter listed at ₹83, a premium of 3.75% against the issue price. In comparison, the domestic benchmarks Sensex and Nifty were trading lower in early trade, down nearly 0.2% each following mixed cues from global peers.

The muted listing of Tracxn Technologies was in line with market expectations as the shares were trading at a discount of ₹3 apiece in the grey market, an informal market where stocks are bought and sold even before they are available on stock exchanges.

However, the stock gained momentum post listing and gained as much as 25% to hit an intraday high of ₹100 on the NSE, while it touched a high of ₹99.6 on the BSE. On the volume front, 1.36 crore shares changed hands over the counter on the NSE, while 16.28 lakh stocks on the BSE by 11:00 am. The market capitalisation stood at ₹945.42 crore at the time of reporting.

The company in an exchange filing the equity shares of Tracxn Technologies are listed and admitted to dealings in the list of 'B’ Group Securities. The shares classified under the 'B' group category see normal trading volumes and fall under the rolling settlement system.

Backed by Flipkart founders Binny Bansal and Sachin Bansal, Tracxn is the 22nd company to get listed on the domestic bourses this calendar year. The private market intelligence platform has raised ₹309 crore through its initial public offering (IPO), which was completely an offer-for-sale by existing shareholders and promoters. The IPO, with a price band of ₹75-80 per share, received lackluster response from investors as issue was subscribed just 2.01 times, which opened during October 10-12.

Established in 2013, Tracxn Technologies provides market intelligence data for private companies. As per Frost & Sullivan report, the company is ranked among the top five players globally in terms of the number of companies profiled offering data on private market companies across sectors and geographies. 

For the April-June quarter of 2022, the company posted a profit of ₹0.8 crore on revenue of ₹18.4 crore, compared to a loss of ₹0.7 crore on revenue of ₹14.97 crore in the same period last fiscal. For the full financial year 2022 (FY22), the company reported a loss of ₹4.8 crore against a loss of ₹5.3 crore in FY21, while total revenue dropped to ₹55.74 crore, against ₹63.13 crore a year ago.