ADVERTISEMENT

CarTrade Tech IPO Subscribed 0.99 Times On Day 2

Get the latest subscription updates from day 2 of CarTrade Tech IPO.

<div class="paragraphs"><p>New and second hand Nissan automobiles. (Photographer: Chris Ratcliffe/Bloomberg)</p></div>
New and second hand Nissan automobiles. (Photographer: Chris Ratcliffe/Bloomberg)

Retail investor interest in Warburg Pincus and Temasek-backed CarTrade Tech Ltd.'s initial public offering picked up on the second day of subscription.

The used vehicles marketplace's IPO was subscribed 0.41 times on the first day. While non-institutional and institutional investors stayed away, retail portion subscribed 80%.

The company has set a price band of Rs 1,585-1,618 apiece, seeking a market valuation of Rs 7,416 crore at the upper end. The IPO, according to its red herring prospectus, is a Rs 2,988-crore offer-for-sale of 1.85 crore shares.

Before the float, the company has raised funds via private placement in form of preference shares at Rs 825.13 apiece in October, and in form of equity shares at Rs 1,376.80 apiece in April.

The issue is sale of secondary shares to public, and the funds raised will go to the selling shareholders and not the company. Private equities and existing shareholders look to pare stake in the tech firm.

Opinion
CarTrade Tech IPO: All You Need To Know

Subscription Details: Day 2

The IPO was subscribed 0.99 times as of 5 p.m. on Aug. 10.

  • Institutional investors: 0.59 times

  • Non-institutional investors: 0.27 times

  • Retail investors: 1.53 times

Watch BloombergQuint's IPO Adda with CarTrade Tech: