CarTrade Tech shares are likely to debut on the bourses tomorrow i.e. August 19. The multi-channel auto platform’s Rs 2,998.51 crore IPO was an offer-for-sale by marquee investors, including Warburg Pincus, Temasek and JP Morgan. The IPO received a decent response from the investing community, with subscription figures of 20.29 times.
CarTrade Tech will not receive any proceeds from the fresh offer as it is an offer for sale and not a fresh issue of shares.
CarTrade Tech is an online auto marketplace platform founded by Vinay Sanghi, former CEO of Mahindra First Choice, and Rajan Mehra, former country head of eBay India in the year 2009. It operates various brands viz. CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.
Axis Capital, Citigroup Global Markets India, Nomura Financial Advisory and Kotak Mahindra Bank are the lead managers to the CarTrade IPO, whereas Link Intime India is the registrar to the issue.