CarTrade's stock has a shaky start, trading at a discount to its issue price

Car Trade IPO

Car Trade IPO

CarTrade's stock made a shaky stock market debut on Friday, debuting on the NSE at Rs.1,599.8, a decrease to its issue price of Rs.1,618 per share. CarTrade shares were trading around 1,579 on the BSE, down more than 2% from their IPO issue price.

The online auto classified platform's initial public offering (IPO) was subscribed 20.29 times on the last day of the subscription period. According to exchange data, the three-day issuance got bids for 26,31,74,823 shares versus 1,29,72,552 shares on offer. Qualified institutional buyers (QIBs) received 35.45 times the subscription, while non-institutional investors received 41 times the subscription. The limit for retail individual investors (RIIs) was filled 2.75 times.

Equity99 Co-Founder Rahul Sharma stated, "CarTrade Tech Ltd is a provider of multi-channel vehicle platforms. CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz are some of the company's brands. The platform unites new and used car buyers and sellers and car dealers, OEMs, and other businesses to buy and sell a variety of automobiles. The company provides a variety of solutions for purchasing, selling, marketing, financing, and other vehicle transactions."

Customers can purchase and sell both used and new cars on the CarTrade site. Existing shareholders and promoters made a pure offer for sale (OFS) of 18.53 million shares in the IPO. Before the IPO, the company had raised 900 crores from anchor investors.

Commissions and fees from auctions and re-marketing services, online advertising solutions, lead generation, technology-based services to OEMs, dealers, banks, and other financial institutions, and inspection and valuation services are all sources of revenue for the company. CarTrade, which was founded in 2009, is backed by major investors such as Warburg Pincus, Temasek, JPMorgan, and March Capital.


 

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