CarTrade ready to be listed on NSE, BSE today
CarTrade Tech shares will be listed on NSE and BSE on Friday (today). The CarTrade IPO had received bids for 26,31,74,823 shares as against 1,29,72,552 shares on the first offer. In the category of Qualified Institutional Buyers (QIBs), the company got subscriptions 35.45 times. The share of non-institutional investors was subscribed 41 times. Oversubscribed 2.75 times Retail Individual Investor Quota.
The initial public offering (IPO) of 18,532,216 equity shares of Rs 2,998.51 crore was in the price range of Rs 1,585-1,618 per share. The IPO allotment was fixed on August 17 at Rs 1,675.
CarTrade’s unlisted shares are trading at a moderate premium in the gray market. According to several media reports, the shares are trading at a premium of 8 per cent to the issue price, ie its GMP is around Rs 130-135.
CarTrade’s GMP once touched Rs 600. But sluggish listing of some IPOs and weak market trends have hurt CarTrade’s premium.
Ahead of the public offering, CarTrade Tech had claimed to have raised Rs 900 crore from anchor investors.
CarTrade was established in 2009. It is backed by marquee investors – Warburg Pincus, Temasek, JP Morgan 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.
CarTrade expects that the listing of equity shares will enhance its visibility and brand image and provide liquidity to its shareholders, while also providing a public market for equity shares in India.
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