Business News | Weak Stock Market Debut for Tracxn Technologies with 6 Per Cent Premium
Get latest articles and stories on Business at LatestLY. Shares of Tracxn Technologies on Thursday made their exchange debut with a premium of around 6 per cent against its issue price during the initial public offering.
New Delhi [India], October 20 (ANI): Shares of Tracxn Technologies on Thursday made their exchange debut with a premium of around 6 per cent against its issue price during the initial public offering.
The shares of Tracxn Technologies performed better than markets' estimate on Thursday, as its shares rose more than 16 per cent at the close. The positive sentiment prevalent in the market could be the reason for the performance.
The stock settled at Rs 93.25 on the NSE, which rose 16.56 per cent over the issue price. The scrip managed to stay above its issue price throughout the session. Its intraday low was Rs 83, while its intraday high was Rs 100.
On the BSE, the share went up to its upper circuit limit of Rs 99.60 against Rs 83 in the opening. It closed at Rs 93.35 with 16.7 per cent surge.
The shares of the company opened at Rs 84.5 on the National Stock Exchange against its issue price of Rs 80. Post listing, they have risen further to trade at Rs 93.55 at the time of filing this report.
Tracxn Technologies is a leading global market intelligence provider for private company data and is among the top players globally in terms of the number of companies profiled, offering data of private market companies across sectors and geographies.
The initial public offering of Tracxn Technologies saw muted participation from investors as its issue was subscribed just 2.01 times at the end of the three-day window that ended on October 12. This was one of investors' weakest responses to an IPO in 2022.
"Due to the rising interest rates globally and recessionary conditions in major markets like North America and Europe, the Private Equity Markets, Venture Capital markets, Investment Banks, and Family offices are witnessing a significant cutback in terms of activities and traction; additionally, M&A activities have been subdued," said Aayush Agrawal, Senior Research Analyst at Swastika Investmart.
"And investors must wait for a few quarters before deciding whether to invest or not for the long term," Agrawal added. (ANI)
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