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online auto marketplace platform CarTrade Tech IPO To Open On August 9. Here’s All You Need To Know

CarTrade Tech IPO To Open On August 9. Here's All You Need To Know

CarTrade Tech IPO: The shares are likely to be listed on the BSE and NSE on August 23

CarTrade Tech’s Rs 2,000 crore initial public offering (IPO) will open for subscription on August 9 and close on August 11. The multi-channel auto platform’s IPO will be an offer-for-sale of 12,354,811 shares by marquee investors such as Warburg Pincus, Temasek and JP Morgan. The company has fixed the price band at Rs 1,585-1,618 per share. At the upper limit of price band, the company is looking at raising about Rs 3,000 crore. The shares are likely to be listed on the BSE and NSE on August 23.

A total of 75 per cent of the share offering has been fixed for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail bidders. Investors can bid for a minimum one lot of nine shares and in multiples thereof, up to 13 lots. The company will not receive any share proceeds as this is an offer for sale and not a fresh issue of shares.

CarTrade is an online auto marketplace platform that enables buyers and sellers to transact in new and used vehicles. It operates various brands such as CarWale, CarTrade, Shriram Automall and BikeWale. It was founded by Vinay Sanghi, former CEO of Mahindra First Choice, and Rajan Mehra, former country head of eBay India in the year 2009 and is backed by marquee investors such as Temasek, Warburg Pincus and JP Morgan.

Axis Capital, Citigroup Global Markets India, Nomura Financial Advisory and Securities (India) and Kotak Mahindra Bank are the lead managers to the public issue, whereas Link Intime India is the registrar to the issue.

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