CarTrade Tech shares will be listed on the NSE and BSE on Friday (today). CarTrade IPO had earlier received bids for 26,31,74,823 shares against 1,29,72,552 shares on offer. In the category for qualified institutional buyers (QIBs), the company received 35.45 times subscription. The portion for non-institutional investors was subscribed 41 times. The retail individual investors quota was subscribed 2.75 times.
The Rs 2,998.51-crore initial public offer (IPO) of up to 18,532,216 equity shares, was in a price range of Rs 1,585-1,618 per share. The IPO allotment was finalised on August 17 at Rs 1,675 apiece.
The unlisted shares of CarTrade are commanding a moderate premium in the grey market. According to multiple media reports, the shares are trading at a premium of 8 per cent over the issue price, which means that its GMP is around Rs 130-135.
The GMP of CarTrade had once hit Rs 600. But tepid listings of a few IPOs and weak trends in the market have hurt CarTrade’s premium.
Ahead of the public offer, CarTrade Tech had claimed to raise Rs 900 crore from anchor investors.
CarTrade was founded in 2009. It is backed by marquee 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 firm is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands — CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.
CarTrade expects that listing of the equity shares will enhance its visibility and brand image and provide liquidity to its shareholders, while also providing a public market for the equity shares in India.