CarTrade Tech IPO: The shares are most likely to be listed on the stock exchanges on August 23CarTrade Tech's initial public offering (IPO) opens for subscription today i.e.
August 9 and closes on Wednesday, August 11.
The multi-channel auto platform's IPO will be an offer-for-sale of 12,354,811 shares by marquee financiers, including the likes of Warburg Pincus, Temasek and JP Morgan.
CarTrade has fixed the price band at Rs 1,585-1,618 per share and is seeking to raise around Rs 3,000 crore at ceiling of the cost band.
The shares are most likely to be noted on the stock market on August 23.
CarTrade has scheduled 75 percent of the primary market offering for certified institutional purchasers, 15 per cent for non-institutional investors and 10 percent for retail bidders.
It will not receive any IPO continues as it is a sell and not a fresh issue of shares.CarTrade was founded by Vinay Sanghi, former CEO of Mahindra First Option, and Rajan Mehra, former country head of eBay India in 2009 to assist the purchasers and sellers to transact in brand-new and secondhand vehicles.Axis Capital, Citigroup Global Markets India, Nomura Financial Advisory and Securities (India) and Kotak Mahindra Bank are the lead managers to the public problem of CarTrade, while Link Intime India is the registrar to the issue.Should you purchase the Cartrade Tech IPOAngel Broking In terms of appraisals, the post-issue FY2021 PE exercises 73.4 x to(at the upper end of the problem rate band).
There are no listed peers for contrast.
Nevertheless, the company is doing much better compared to unlisted peers in terms of financials.
Our company believe the company has a strong brand name, much better innovation platforms, a profitable - scalable business model,' Angel Broking said in an investor note.
For this reason, we suggest a subscribe ranking on the (Cartrade Tech) issue, Angel Broking added.