Tracxn Technologies Limited and Real Estate developer Puranik Builders have received Sebi's nod to raise funds through its initial public offering (IPO).
The Bengaluru-based company's IPO comprises equity shares of face value of Re 1 each is an Offer for Sale aggregating to 38,672,208 equity shares. While, Mumbai-based Puranik Builders' IPO comprises of fresh issue of shares worth Rs 510 crore and an offer for sale up to 945,000 equity shares by the company's promoters and existing shareholders.
According to the draft papers filed with Securities and Exchange Board of India (Sebi), Tracxn cofounders Abhishek Goyal and Neha Singh will both offload around 7,662,655 equity shares. Flipkart founders Binny and Sachin Bansal will both offload up to 1,263,096 equity shares respectively, up to 207,548 by Sahil Barua, up to 315,774 by Deepak Singh, up to 10,980,885 by Elevation Capital, up to 267,915 by Kolluri Living Trust, 147,976 by Milliways Fund LLC, up to 295,952 by Rathna Girish Mathrubootham, up to 147,976 by Apoletto Asia Ltd, up to 591,904 by NRJN Family Trust, up to 147,976 by Manoj Kumar Gandhi, up to 881,602 by WGG International Ltd, up to 4,017,506 by Accel India IV (Mauritius) Ltd, up to 2,181,692 by SCI Investments V and up to 636,000 by Prashant Chandra and for Puranik Builders' offer for sale involves Ravindra Puranik and Gopal Puranik divesting up to 472,500 shares each.
Tracxn Technologies is among the leading global market intelligence providers for private company data ranks among the top five players globally in terms of number of companies profiled offering data of private market companies across sectors and geographies (Source: F&S Report).
It has an asset light business model and operate a Software as a Service ("SaaS")-based platform, Tracxn, that scanned over 550 million web domains, and profiled over 1.4 million entities across 1,805 Feeds categorized across industries, sectors, sub-sectors, geographies, affiliations and networks globally, as of May 31, 2021.
The company has 2,358 users across 855 Customer Accounts in over 50 countries, as of March 31, 2021 and its customers include a number of Fortune 500 companies and/or their affiliates such as Unilever Industries Private Limited.
Over 70% of the company's revenue comes from outside India - primarily EMEA and North America and is seen as the Bloomberg for Private Market Data as per sources aware of this development. The company ranks amongst the top 5 players globally and competes with to the likes of Pitchbook and Crunchbase.
Tracxn competitors include, among others, other private market data service providers such as Crunchbase, CBInsights, PrivCo and Pitchbook (Source: F&S Report). The company for the FY21 posted a revenue of Rs 43.78 crore from operations, a rise by 17.28% as compared to Rs 37.33 crore in FY20.
IIFL Securities is the sole book running lead manager to the issue.
Puranik Builders is prominent residential real estate developers in Mumbai Metropolitan Region ("MMR") and Pune Metropolitan Region ("PMR") based on number of units currently being marketed in these regions. It is also among the leading residential real estate developers in the growing Thane region of MMR based on the projects currently being marketed and corresponding units sold (Source: C&W Report).
Proceeds of the issue will be used to prepay or repay outstanding borrowing aggregating to Rs 362 crore besides general corporate purposes.
As of July 31, 2021, It had 35 completed projects, 23 Ongoing Projects and 17 Forthcoming Projects. It also has developed 554,197 square meters (5,965,381 square feet) of Developable Area through its deep understanding of the real estate market, design and execution capabilities, brand and extensive marketing initiatives which enabled it grow their business.
On the financial front, the company has registered revenue from operation of Rs. 502.27 crore with a net profit of Rs 36.30 crore as of March, 2021.
Elara Capital (India) Private Limited and Yes Securities Ltd are the Book Running Lead Managers (BRLMs) to the Issue.