The Multi-Channel Auto Platform provider, “CarTrade Tech (CTT)” came up with an Initial Public Offer (IPO) in the primary market on 9th August 2021 and wrapped up on 11th August 2021 for the issue. The company issued a fresh share of 18,532,216 equity shares for an IPO size of Rs. 2,999 crore, the face value of which was reported to be Rs. 10 per equity share. The price band for the Offer was fixated at Rs. 1585 to Rs. 1618 per equity share and now the offer is certainly to finalise the basis of allotment on 17th August 2021, Tuesday. Previously, the issue recorded a premium price of Rs. 185 to Rs. 195 in the grey market.
CarTrade Tech (CTT) IPO
CarTrade Tech (CTT) was initially incorporated in 2000 as CarTrade Tech Limited and is a multi-channel auto platform provider company. It is regarded as one of the major and prime Automotive platforms for sales with a Synergistic ecosystem and a globally recognized platform with coverage and operates across vehicle types and value-added service through its brand that includes, Shriram Automall, CarWale, AutoBiz, BikeWale, CarTrade Exchange and much more.
The automotive platform allows the clients that include Automobile customers, vehicle dealers & OEMs and other companies, to sell and purchase second-hand cars as well as new cars. Well, not only the company is involved in the buying and selling automotive transactions, but it also provides financing, marketing and other kinds of assistance related to automobiles.
CarTrade Tech (CTT): Promoters & Financials
Many big tech and automobile giants including JP Morgan, Warburg Pincus, March Capital and Temasek are the investors in this company, however, there are no identifiable promoters. The company’s financials are also quite impressive as even during the ongoing pandemic, the company witnessed an increase in the profit from Rs. 31.29 crore to Rs. 101.07 crore. The company is debt-free and has a past of making positive free cash flows (FCFs). CTT’s financials as of 31st March 2021:
- Total Assets: Rs. 193.02 crore
- Total Revenue: Rs. 281.52 crore
- Earning After Taxes (EAT): Rs. 101.07 crore
CarTrade Tech (CTT) IPO: Allotment & Subscription Status
- Issue Date:- 9th to 11th August 2021
- Issue Price (Fixed):- Rs. 1585 to Rs. 1618 per equity share
- Lot Size:- 9 Shares
- Min Lot Size:- 1 (9 shares)
- Max Lot Size:- 13 (117 shares)
- Issue Size:- Rs. 2,999 crore
- Offer for Sale (OFS):- Rs. 2,999 crore
- Face Value (FV):- Rs. 10 per equity share
- IPO Listing Date: 23rd August 2021
- Listing At: BSE & NSE
The Initial Public Offer (IPO) released by CarTrade Tech opened for subscription on 9th August and ended on 11th August 2021 and in these three days, the IPO earned bids for 26,31,74,823 shares against the initial offer of 1,29,72,552 shares on offer, which means that the IPO was subscribed 20.29 times on 11th August 2021, 5:01 PM.
The quota reserved for QIBs (Qualified Institutional Buyers), RIIs (Retail Individual Investors), and Non-Institutional Investors was subscribed 35.45 times, 27.5 times and 41 times respectively. The bidder who could not get allotment in the IPO will get the refunds on Wednesday, while those who got allotment can check the status of the same by visiting the official website of BSE (Bombay Stock Exchange).
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