CarTrade Tech IPO Subscribed 20.29 Times On Day 3
Get the latest subscription updates from day 3 of CarTrade Tech IPO.
Investor interest for Warburg Pincus and Temasek-backed CarTrade Tech Ltd.'s initial public offering gathered momentum on the third day as the issue subscribed over 20 times.
The used vehicles marketplace's IPO was subscribed 0.41 times on the first day, and 0.99 times on day 2.
The company had 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 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 was the sale of secondary shares to public, and the funds raised would go to the selling shareholders and not the company. Private equities and existing shareholders pared stake in the tech firm.
Subscription Details: Day 3
The IPO was subscribed 20.29 times as of 5 p.m. on Aug. 11.
Institutional investors: 35.45 times
Non-institutional investors: 41 times
Retail investors: 2.75 times