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Updated August 9th, 2021 at 08:12 IST

CarTrade IPO opens today: Check latest GMP, Price Band and other details of August 9

CarTrade Tech IPO will open for subscription on August 9 with an issue size of Rs 2,998.51 crore and will remain open for bidding till August 11.

Reported by: Vidyashree S
cartrade ipo
Credit: UNSPLASH | Image:self
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The auto classifieds portal, CarTrade Tech IPO (Initial Public Offering) will open for subscription on Monday, August 9, with an issue size of Rs 2,998.51 crore. The shares will be listed on BSE and NSE most likely on August 23, 2021.

As of August 5, the company's Grey Market Premium (GMP) was listed as Rs 475 on IPO, implying that the IPO was trading premiums on the grey market at Rs 1,585 to Rs 1,618 per equity share. A bidder can apply for a minimum of one lot and a maximum of 13 lots of the public issue. 

Last week, CarTrade had announced that it trained Rs 900 crore from anchor investors. As per the circular uploaded on BSE, the company allocated 55,59,664 equity shares at Rs 1,619 per share, aggregating Rs 899.55 crore transaction. The anchor investors included Nomura, Goldman Sachs, HSBC Global, Elara India Opportunities Fund, Jupiter India Fund, Bajaj Allianz Life Insurance Company, Aditya Birla Sun Life Insurance Company, Axis Mutual Fund (MF), HDFC MF, Sundaram MF, Kotak MF, and Bharti Axa Life Insurance Company.

The objectives of the issue include prepayment or repayment of all or a portion of the outstanding borrowings of the company to be availed on a consolidated basis and to meet other common corporate objectives. 

About CarTrade

CarTrade was founded in 2009, backed by marquee investors, Warburg Pincus, Temasek, JP Morgan, and March Capital. The online platform allows customers to buy and sell used cars as well as new cars. 

CarTrade offers 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. Its consumer platforms - CarWale, CarTrade, and BikeWale - collectively get 3.2 crores, average unique visitors, every month, and Shriram Automall and other auction platforms had 8,14,316 vehicles listed for auction during the financial year 2020-21. 

The company generates revenues from commission and fees from auctions and remarketing services, online advertising solutions, lead generation, technology-based services to original equipment manufacturers, dealers, banks, and other financial institutions, and inspection and valuation services.

(Image credti: UNSPLASH)

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Published August 9th, 2021 at 08:12 IST

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