CarTrade Tech shares are likely to hit the market tomorrow i.e. on August 19. The Rs 2,998.51 crore IPO of the multi-channel auto platform was an offer for sale by marquee investors including Warburg Pincus, Temasek and JP Morgan. The IPO received a good response from the investing community, with subscription figures of 20.29 times.
CarTrade Tech will not receive any proceeds from the new offer as it is an offer for sale and not a fresh issue of shares.
CarTrade Tech is an online auto marketplace platform founded by Vinay Sanghi, former CEO of Mahindra First Choice, and Rajan Mehra, former country head, eBay India, in the year 2009. It operates various brands. CarWale, Cartrade, Shriram Automall, BikeWale, Cartrade Exchange, Adroit Auto and Autobiz.
Axis Capital, Citigroup Global Markets India, Nomura Financial Advisory and Kotak Mahindra Bank are the principal managers of the CarTrade IPO, while Link Intime India is the registrar of the issue.