CarTrade IPO: The public offer had received healthy response from investors last week as it was oversubscribed by 20.29 times during August 9-11.
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Multi-channel auto platform CarTrade Tech shares made a weak debut as the stock listed with a 1.11 percent discount to issue price of Rs 1,618 per share. The stock opened at Rs 1,600 on the BSE and Rs 1,599.80 on the National Stock Exchange.
At 10:03 hours IST, it was trading at Rs 1,575.05 on the NSE, down 2.7 percent on the NSE, and was down 2.2 percent at Rs 1,582.45 on the BSE.
Cumulatively, it traded with volume of 36.82 lakh equity shares on the bourses.
The public offer had received healthy response from investors last week as it was oversubscribed by 20.29 times during August 9-11. The portion set aside for qualified institutional buyers was subscribed 35.45 times and that of non-institutional investors saw 41 times subscription. The retail portion was booked 2.75 times.
The company had mopped up Rs 2,998.51 crore through its IPO. It was a complete offer for sale by selling shareholders including JP Morgan’s CMDB II, Highdell Investment, Macritchie Investments, and Springfield Venture International.
CarTrade Tech is a multi-channel auto platform with coverage and presence across vehicle types and value-added services, providing services through platforms under several brands – CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.
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Majority of brokerages had recommended to subscribe the issue as it enjoyed the first mover advantage to list in the sector, provides comprehensive range of services, and provides dealer management system to BMW India.
CarWale, CarTrade and BikeWale platforms are used by shoppers to research and connect with dealers, original equipment manufacturers (OEMs), etc, to sell and buy cars and 2-wheeler. Shriram Automall (a subsidiary) facilitates sale of pre-owned vehicles. CarTrade Exchange is an online auction platform and a used vehicle ERP tool, also used by dealers to manage their processes like procurement, inventory management and CRM. Adroit Auto offers vehicle inspection and valuation services while AutoBiz provides CRM solutions to new car dealers.
“Considering the future prospect of the company, its scalable business model, profitable operations and business growth opportunities in the auto sector value chain and it is also placed at a sweet spot as the first mover advantage, thus we recommend to ‘subscribe’ the issue,” said BP Equities.
In the financial year ended March 2021, the company earned 57 percent of total revenue from commission and fees for auction, remarketing services of used vehicles. Online advertising solutions on its portals along with lead generation for OEMs, dealers, etc, and technology-based services combined contributed around 36 percent to revenues, and the rest of income was received via inspection and valuation services.
Among key competitors, it is the only profitable automotive digital platform since FY19.
BP Equities gave subscribe for long term rating for the issue. “CarTrade actively invests in improving their technology such as their artificial intelligence (AI) and machine learning capabilities in order to provide more relevant and timely information to their customers, and enhance user experience. Its comprehensive range of services i.e. automotive buying, selling, financing, marketing, etc and profitable and scalable business model provide for further growth visibility,” it reasoned.
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