Carraro India Share Price, IPO Listing Highlights: Check listing, date, IPO GMP, and other details

Carraro India stock closed at Rs 636.30 on the BSE, down by 23.70 points or 3.59%. On the NSE, it closed at Rs 637.50, declining by 13.50 points or 2.07%.

On the final day of bidding on December 24, Carraro India IPO has been subscribed 1.18 times. Breaking it down by category: the retail segment saw 0.75 times subscription, while the Qualified Institutional Buyers (QIB) category was oversubscribed by 2.33 times. On the other hand, the Non-Institutional Investors (NII) category received a 0.63 times subscription.

As of 14:08 PM IST, the company’s stock continues to trade in the red. On the BSE, the shares are priced at Rs 637 per share, marking a decline of 3.48%. Similarly, on the NSE, the stock is trading at Rs 639.75 per share, down by 1.73%.

Carraro India reported steady growth in its financial performance for the year ending March 31, 2024. The company’s revenue saw a modest rise of 4 per cent, while its profit after tax (PAT) registered a 29 per cent surge compared to the previous financial year ending March 31, 2023.

As of 12:43 PM IST, the company’s shares are trading in the red on both major indices. On the BSE, the shares are priced at Rs 644.70, down by 2.32%. Similarly, on the NSE, the shares are trading at Rs 643.85, a decline of 1.10%.

The company will not receive any funds from this offer. Instead, all proceeds will go to the Promoter Selling Shareholder, after deducting offer-related expenses and applicable taxes, which will be borne by the Promoter Selling Shareholder.

Carraro India, founded in 1997, is a key player in manufacturing high-quality components for a variety of industries. The company focuses on designing and producing transmission systems, including axles, transmissions, and drives, mainly for off-highway vehicles used in agriculture and construction. In addition to these core offerings, Carraro India also supplies a diverse range of gears tailored for different sectors like automotive, trucks, and agricultural machinery.

The Carraro India IPO was managed by Axis Bank, BNP Paribas, and Nuvama Wealth Management as the main book-running lead managers. The registrar for the issue was Link Intime India.

After the listing of Carraro India on the Indian bourses, at 10:25 AM IST, the company’s shares were trading at Rs 649.45 on the BSE, down by 1.60%, and at Rs 649.25 on the NSE, down by 0.27%.

Carraro India made its debut on the stock exchanges today, with its shares listing below the IPO price. On the NSE, the stock opened at Rs 651, which is 7.5% lower than the IPO price of Rs 704. Meanwhile, on the BSE, it listed at Rs 660, a 6.2 per cen drop from the IPO price.

After the bidding closed on December 24 and the allotments were finalised on December 26, he grey market premium (GMP) is Rs 0, meaning there’s no extra value or discount. The stock is estimated to be listed at its issue price of Rs 704 on both BSE and NSE.

The Carraro India IPO was a book-built issue that aimed to raise Rs 1,250 crores. The entire issue consisted of an offer for sale, comprising 1.78 crore shares. The price band for the IPO was set between the range of Rs 668 to Rs 704 per share.

Carraro India‘s shares are all set to debut on the stock exchanges today, December 30, with listings on both the BSE and NSE.

The bidding for the Carraro India IPO was open from December 20 to December 24. After the bidding process concluded, the company finalised the allotment of shares on December 26.