CarTrade IPO To Open On Aug 9
- ByAyushi Ray | August 3, 2021
Auto classifieds platform CarTrade IPO to open on Aug 9. It has set price bands of Rs 1,585-1,618 per share. The initial share sale will consist entirely of an offer for sale (OFS) of 18,532,216 equity shares. The initial public offering (IPO) will open for subscription on August 9 and conclude on August 11. The bidding for anchor investors will open on August 6. IPO is expected to mobilise Rs 2,998.51 crore from the upper end of the opening..”We are creating an automotive digital ecosystem in India. We had 32 million unique visitors came to our platform in the January-March quarter, 80 percent of them came organically (the company did not incur any marketing costs to get them)…which shows the brand affinity of the company and platforms,” CarTrade Tech Ltd Chairman Managing Director and CEO Vinay Sanghi said in a virtual briefing.
CarTrade is also a software company that has created interconnects between stakeholders like dealers, manufacturers, and banks. The company cited an industry report to highlight that there is a constant move towards online auto portals and the total addressable market in India was estimated at $ 14.3 billion in FY 2020. Sanghi said given the number of engagements and transactions on the platform, CarTrade is also among the largest automotive data destinations in the country. The company expects that listing of the equity shares will enhance its visibility and brand image and provide liquidity to its shareholders, while also providing a public market for the equity shares in India, as per CarTrade’s Red Herring Prospectus. Founded in 2009, CarTrade is backed by marquee investors — Warburg Pincus, Temasek, JP Morgan, and March Capital. This calcified’s platform allows customers to buy and sell used cars as well as new cars. The company stated that it is a professionally managed entity and does not have an identifiable promoter. Through this IPO, they want to generate funds.
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