Muted debut: CarTrade Tech lists at Rs 1,599.80; a discount of 1.1%

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Online auto platform CarTrade Tech did a muted debut on bourses as its shares listed at a 1.1% discount over the issue price of Rs 1,618 per share. The stock opened at Rs 1,599.80 on the National Stock Exchange (NSE) and at Rs 1,600 on the BSE.

Earlier, the initial public offer of CarTrade Tech was subscribed 20.29 times on the closing day of the subscription on August 11. The three-day public offer had received bids for 26,31,74,823 shares against 1,29,72,552 shares offered by the company.

The category for qualified institutional buyers (QIBs) received 35.45 times subscription, while the portion for non-institutional investors was subscribed 41 times. The retail individual investors (RIIs) quota was subscribed 2.75 times.

The Rs 2,998.51-crore public offer was a pure offer for sale (OFS) of 18.53 million shares by existing shareholders and promoters. The OFS will see a sale of 2.26 million shares by CMDB II, up to 8.41 million shares by Highdell Investment, up to 5.08 million shares by Macrithie Investments Pte, up to 1.77 million shares by Springfield Venture International, and 1.83 lakh shares by Bina Vinod Sanghi.

Founded in 2009, CarTrade Tech Ltd is a multi-channel auto platform provider company. The company operates various brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz. The platform connects new and used automobile customers, vehicle dealers, vehicle OEMs, and other businesses to buy and sell different types of vehicles. The company offers a variety of solutions across automotive transactions for buying, selling, marketing, financing, and other activities.

For the financial year ended March 31, 2021, the company reported total revenue of Rs 281.52 crore compared to Rs 266.81 crore in FY19. While its profits quadrupled to Rs 101.07 crore in FY21 compared to Rs 25.92 crore posted in FY19.

Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company and Nomura Financial Advisory and Securities (India) were the managers of the offer.