CarTrade Tech makes a dull market debut

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CarTrade Tech share listed on a flat note on BSE today. CarTrade Tech share listed at Rs 1,600, 1.11% lower to the IPO issue price. Price band of the IPO was fixed at Rs 1,585-1,618 per share.

Total 1.05 lakh shares of the firm changed hands amounting to turnover of Rs 16.63 crore on BSE.

Market cap of the firm fell to Rs 7,233 crore.

The Rs 2,998.51-crore IPO was held from August 9 to August 11. On NSE, the share opened at Rs 1,599.80.

Total 38.48 lakh shares of the firm changed hands amounting to turnover of Rs 599.29 crore on NSE.

 Market cap of the firm fell to Rs 7,081 crore.

On last day of the IPO, CarTrade Tech received bids for 26,31,74,823 shares as against the issue size of 1,29,72,552, implying a subscription of 20.3 times.

The share sale received a strong response from high net-worth investors, institutional investors and retail investors.

A day before the IPO, CarTrade raised Rs 899.55 crore through allotment of 5.6 million shares to anchor investors.

The issue was an offer for sale (OFS) of up to 1,85,32,216 shares by existing selling shareholders.

CarTrade is a pure tech platform which is an asset light model. It sells new, used cars and bikes from its platform like CarWale and BikeWale. Apart from this, they have a platform called Shriram Automall to sell pre-owned cars, 2W, 3W, commercial vehicle and farm equipments.

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