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CarTrade Tech IPO subscribed 99%

Published on Aug 10, 2021 17:39

The initial public offer of CarTrade Tech received bids for 1.28 crore shares as against 1.29 crore shares on offer on Tuesday (10 August 2021), according to stock exchange data at 17:00 IST. The issue was subscribed 0.99 times.

The issue opened for bidding on Monday (9 August 2021) and it will close on Wednesday (11 August 2021). The price band of the IPO is fixed at Rs 1585-1618 per share.

The IPO is a pure offer for sale of 1,85,32,216 equity shares of Rs 10 face value by investor shareholders as well as other shareholders. The offer would constitute 40.43% of the post-offer paid-up equity share capital of the company.

The objects of the IPO to provide and exit option for the investor shareholders and achieve the benefits of listing the equity shares of the company in the stock exchange.

The company will not receive any proceeds from the offer and all the offer proceeds will be received by the selling shareholders, in proportion to the offered shares sold by the respective selling shareholders as part of the offer.

Ahead of the IPO, CarTrade Tech on 6 August 2021 finalized allocation of 55,59,664 equity shares to anchor investors, at Rs 1,618 per equity share, aggregating to Rs 899.55 crore.

CarTrade Tech is a multi-channel auto platform with coverage and presence across vehicle types and value-added services. Its platforms operate under several brands: CarWale, CarTrade, ShriramAutomall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz. Through these platforms (proprietary Websites/Apps), the company enable new and used automobile customers, vehicle dealerships, vehicle OEMs and other businesses to buy and sell their vehicles in a simple and efficient manner.

The company reported a consolidated net profit of Rs 91.21 crore and sales of Rs 249.68 crore in the twelve months ended 31 March 2021.

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