Multi-channel auto platform CarTrade Tech will launch its initial public offering for subscription on Monday, August 9, 2021.
The issue will close on August 11. Anchor book, if any, will be opened for a day on August 6, a day before issue opening.
The public issue of up to 1,85,32,216 equity shares is a complete offer for sale by existing selling shareholders.
The offer for sale consists of a selling of 22,64,334 equity shares by CMDB II, 84,09,364 equity shares by Highdell Investment, 50,76,761 equity shares by MacRitchie Investments Pte Ltd, 17,65,309 equity shares by Springfield Venture International, 1,83,333 equity shares by Bina Vinod Sanghi (jointly held with Vinay Vinod Sanghi), 70,000 equity shares by Daniel Edward Neary, 2,62,519 equity shares by Shree Krishna Trust, 50,546 equity shares by Victor Anthony Perry III, 4,50,050 equity shares by Vinay Vinod Sanghi (jointly held with Seena Vinay Sanghi).
The company after consultation with merchant bankers will disclose the details about price band and lot size of IPO in the coming week.
The offer would constitute 40.43 percent of company’s post-offer paid-up equity share capital.
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As it is an offer for sale issue, the company will not receive money from IPO and the funds will go to selling shareholders.
Mauritius-based Highdell Investment is the largest shareholder in CarTrade with 34.44 percent stake, followed by MacRitchie Investments with 26.48 percent shareholding, CMDB II 11.93 percent, Springfield Venture International 7.09 percent, and Vinay Vinod Sanghi with 3.56 percent stake.
CarTrade is a multi-channel auto platform with coverage and presence across vehicle types and value-added services. Its platforms operate under several brands – CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.
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Through these platforms, the company enables new and used automobile customers, vehicle dealerships, vehicle original equipment manufacturers (OEMs) and other businesses to buy and sell their vehicles in a simple and efficient manner.
Its vision is to create an automotive digital ecosystem which connects automobile customers, OEMs, dealers, banks, insurance companies and other stakeholders.
Its platforms, CarWale and BikeWale, popular on relative online search when compared to their key competitors over the period from April 2020 to March 2021, while Shriram Automall is one of the leading used vehicle auction platforms based on number of vehicles listed for auction for the financial year 2020.
Among key competitors, it was the only profitable automotive digital platform for the financial year 2020, says report.
Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company, and Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue.
This would be the fifth IPO slated for August 2021, after Devyani International, Windlas Biotech, Exxaro Tiles and Krsnaa Diagnostics which all will open on August 4.
