Technology

CarTrade will raise Rs 300 billion through an IPO, opening on August 9th and priced between £ 1,585 and £ 1,618.

As Zomato IPO trembles across the sector and plunges into the record book, other companies are also looking to the open market and aiming to go public. PolicyBazaar was the latest name on this list, which announced its IPO just a few days ago. CarTrade Tech, a multi-channel automated platform that is currently preparing to go public for a long time, will begin its initial public offering (IPO) on August 9th and will end on August 11th. We aim to raise about £ 3,000 chlore through its major offering.

The IPO price range is fixed at £ 1,585 to £ 1,618 per share and the par value is fixed at £ 10 per share. If the anchor book is opened, it will be August 6th. However, since the public issuance of up to 1,85,32,216 shares is a full sale (OFS) by, CarTrade itself does not receive any proceeds from the issuance. Existing shareholders for sale.

In terms of shareholders, Mauritius-based Highdell Investment takes the lead with a 34.44% stake, followed by MacRitchie Investments with a 26.48% stake. CMDB II with an 11.93% stake, Springfield Venture International with a 7.09% stake, and Vinay Vinod Sanghi with a 3.56% stake in the company.

Half of the net issuance will be allocated to qualified institutional investors (QIB), 15% to non-institutional investors (NII) and the remaining 35% to individual investors.

According to the company, the offer accounts for 40.43% of the paid-in equity capital after CarTrade’s offer. The company will disclose IPO price range and lot size details next week.

12-year-old CarTrade claims to be “India’s number one online automated portal” (based on the relative popularity of online search in 2021) for both cars and motorcycles, with coverage beyond vehicle type and value. Known for its presence. Added service. We operate many platforms under brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz. The startup helps old and new car customers, car dealers, original equipment manufacturers (OEMs), and other companies buy and sell cars easily and effectively, and helps car customers, OEMs, dealers, banks, and others. Insurance companies and other interested parties.

OFS consists of the sale of 22,64,334 shares by CMDB II, 84,09,364 shares by Highdell Investment, 50,76,761 shares by MacRitchie Investments Pte Ltd, 17,65,309 shares and 1,83,333 shares by Springfield Venture International. Shares by Bina Vinod Sanghi (co-owned with Vinay Vinod Sanghi), 70,000 shares by Daniel Edward Neary, 2,62,519 shares by Shree Krishna Trust, 50,546 shares by Victor Anthony Perry III, 4,50,050 shares by Vinay Vinod Sanghi (Seena Vinay Sanghi) Jointly held).

https://thetechportal.com/2021/08/03/cartrade-looks-to-raise-%E2%82%B93000-crores-through-ipo-opens-on-august-9-price-band-set-at-%E2%82%B91585-1618/ CarTrade will raise Rs 300 billion through an IPO, opening on August 9th and priced between £ 1,585 and £ 1,618.

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