online classifieds platform CarTrade Tech Ltd. has fixed the price band of its IPO at Rs 1,585-1,618 per share. This IPO will open on 9th August and close on 11th August. The anchor book for this IPO will open on 6th August.
The lot size of the issue will be 9 equity shares and its multiples. 50 per cent of the issue is reserved for QIBs, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
The company has investments from American private equity investor Warburg Pincus, Singapore-based state investor Temasek, JP Morgan and March Capital Partners.
The CarTrade Tech IPO will be a purely offer for sale in which the existing shareholders will sell 1,85,32,216 equity shares. The company will raise Rs 2,998.51 crore through this issue. In this IPO, CMDB II will sell 22.6 lakh equity shares, Highdell Investment 84.1 lakh equity shares, Macrithie Investments 50.8 lakh equity shares, Springfield Venture International 17.7 lakh equity shares and Bina Vinod Sanghi (Bina Vinod Sanghi) 18.3 lakh equity shares.
At present, CMDB II holds 11.93 per cent in the company, Highdell Investment, MacRitche Investment Pte and Springfield Venture International hold 34.44 per cent, 26.48 per cent and 7.09 per cent respectively in the company.
Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital and Nomura Financial Advisory and Securities India will be the book running lead managers of the issue.
Looking at the financial position of the company, the company’s revenue was Rs 281.52 crore in FY 2021, which was Rs 318.44 crore in FY 2020. The company’s profit was Rs 101.07 crore in FY 2021, which stood at Rs 31.29 crore in FY 2020.
The company said in a statement that its platforms CarWale and BikeWale have topped the online search popularity numbers. The company’s platforms operate under the brand names CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.
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