CarTrade Tech IPO nears full subscription on second day

By: |
August 10, 2021 9:06 PM

The firm is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands—CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.

IPOThe gradually recovering economy has boosted investor sentiment, making it an opportune time for companies to list on stock exchanges.

The initial public offer of CarTrade Tech was subscribed 99 per cent on the second day of bidding on Tuesday.

The three-day IPO received bids for 1,28,90,934 shares against 1,29,72,552 shares on offer, according to data with the stock exchanges.

The category for Qualified Institutional Buyers (QIBs) was subscribed 59 per cent while those for non-institutional investors was subscribed 27 per cent and Retail Individual Investors (RIIs) portion was fully covered with 1.53 times subscription.

The Initial Public Offer (IPO) of up to 18,532,216 equity shares is in the price range of Rs 1,585-1,618 apiece.

CarTrade Tech on Friday said it has raised Rs 900 crore from anchor investors.

Founded in 2009, CarTrade is backed by marquee investors—Warburg Pincus, Temasek, JPMorgan, and March Capital.

The CarTrade platform allows customers to buy and sell used cars as well as new cars.

The firm is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands—CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.

Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company and Nomura Financial Advisory and Securities (India) are the managers to the offer.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Sansera Engineering IPO share allotment: Check status online, grey market premium; listing on Sep 24
2Sansera Engineering IPO, Sansera Engineering, IPO, qualified institutional buyers
3Paras Defence and Space Technologies IPO opens Sep 21; check price band, grey market premium, offer details