Mumbai-based CarTrade Tech's Rs 3,000 crore initial public offer (IPO) was subscribed more than 20 times on Wednesday, the final day of the bidding process.

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By 5:00 pm, the IPO received 26,31,74,823 bids for the total issue size of 1,29,72,552 shares, marking a subscription of 20.29 times, exchange data showed.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 35.45 times, and that for non-institutional investors 41 times. The quota reserved for retail individual investors (RIIs) saw a subscription of 2.75 times.

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The online auto classified platform's IPO was subscribed 99 percent on Tuesday -- the second day of bidding, and 41 percent the previous day. The IPO worth Rs 3,000 crore closed for subscription on Wednesday. Under the public offer, shares were available for bidding in the price band of Rs 1,585-1,618 apiece.

Last week, CarTrade Tech said it had raised Rs 900 crore from anchor investors. Warburg Pincus and Temasek-backed CarTrade Tech's public issue was a complete offer for sale (OFS) of 18,532,216 equity shares by promoters and existing shareholders.

Founded in 2009, CarTrade is backed by marquee investors Warburg Pincus, Temasek, JPMorgan, and March Capital.

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The CarTrade platform allows customers to buy and sell used cars as well as new cars. It has coverage and presence across vehicle types and value-added services through its brands CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto and AutoBiz.

First Published:Aug 11, 2021 8:43 PM IST