CarTrade Tech IPO subscribed 20.29 times on the day of closing
CarTrade Tech’s initial public offering was subscribed 20.29 times on the subscription closing day on Wednesday.
The three-day IPO received offers for 26 31 74 823 shares against 1,29 72 552 shares offered, according to trade data.
The Qualified Institutional Purchasers (QIB) category received 35.45 subscription times, while the Non-Institutional Investors portion was subscribed 41 times. The individual retail investor quota (RII) was subscribed 2.75 times.
The initial public offering (IPO) of Rs 2,998.51 crore for a maximum of Rs 18,532,216 was in a price range of Rs 1,585 to Rs 1,618 per share.
CarTrade Tech said on Friday it had raised Rs 900 crore from key investors.
Founded in 2009, CarTrade is backed by renowned investors: Warburg Pincus, Temasek, JPMorgan and March Capital.
The CarTrade platform allows customers to buy and sell used cars as well as new cars.
The company is a multi-channel automotive platform with coverage and presence on all types of vehicles and value-added services through its brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto and AutoBiz.
Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company and Nomura Financial Advisory and Securities (India) were the managers of the offering.