CarTrade was founded by Vinay Sanghi and Rajan Mehra in the year 2009CarTrade has filed draft red herring prospectus with market regulator SEBI to raise around Rs 2,000 crore through a preliminary public offer (IPO).
The IPO will be an offer-for-sale (OFS) of 12,354,811 equity shares by existing investors, consisting of Highdell Financial investment, Macritchie Investments, Springfield Endeavor International and Bina Vinod Sanghi.
The company will not get any profits from the share sale as this is a sell and not a fresh issue of shares.CarTrade has actually reserved 75 per cent of the marketplace offering for certified institutional purchasers, 15 per cent for non-institutional financiers and 10 per cent for retail bidders.Axis Capital, Citigroup Global Markets India, Nomura Financial Advisory and Securities (India) and Kotak Mahindra Bank are the lead supervisors, whereas Link Intime India is the registrar to the issue.CarTrade was founded by Vinay Sanghi, former CEO of Mahindra First Choice, and Rajan Mehra, previous nation head of eBay India in the year 2009.
It is an online automobile marketplace platform that enables purchasers and sellers to transact in brand-new and secondhand automobiles.
CarTrade is backed by marquee investors such as Temasek, Warburg Pincus and JP Morgan.