Mumbai-based CarTrade is looking to raise about Rs 2,999 crore from the primary market. Here are key things you should know about the initial public offering of the multichannel mobility platform scheduled to open today (Monday).

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CarTrade Tech’s public issue will open for bidding from August 9 and conclude on August 11.

The price band for the offer has been fixed at Rs 1,585–1,618 per equity share.

The issue is a complete offer for sale (OFS) of 18,532,216 equity shares worth Rs 2,998.51 crore by promoters and existing shareholders. Investors participating in the OFS include Springfield Venture International, Macritchie Investments, Shree Krishna Trust, Victor Anthony Perry III, CMDB II, Highdell Investment, Bina Vinod Sanghi (Jointly Held with Vinay Vinod Sanghi), Vinay Vinod Sanghi (jointly held with Seena Vinay Sanghi), and Daniel Edward Neary.

The company plans to raise Rs 2,998.51 crore through its offer, at the upper end of the price band of Rs 1,618 per share.

Investors can subscribe for a minimum of nine shares or in multiples thereof. At the upper range of the price band, a single lot of the IPO is worth Rs 14,562. Retail investors can bid for a maximum of 13 lots.

Fifty percent portion of the total offer is reserved for qualified institutional buyers (QIBs), whereas a 15 percent stake will be allotted to non-institutional investors (NIIs). 35 percent of the offer is reserved for retail investors.

While the finalisation of the basis of allotment will likely be done by August 17, the initialisation of refunds will be done by August 18 and the Credit of shares in the demat account is likely by August 20. CarTrade Tech listing might take place on August 23.

CarTrade, which operates under several brands - CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto and AutoBiz - enables new and existing automobile customers, vehicle dealerships, vehicle original equipment manufacturers (OEMs) and other businesses to buy and sell their vehicles simply and efficiently.

First Published:Aug 9, 2021 9:28 AM IST