- Shares of
CarTrade Tech IPO got listed at 1.12% discount from its price band of ₹1585-1618 per share. - The IPO was subscribed 20.29 times on the last day of the bidding.
- The market capitalisation of the company stood at ₹7,333.45 crore.
Post listing, the market capitalisation of the company stood at ₹7,333.45 crore, according to BSE data.
The shares of CarTrade Tech were trading at ₹1556, 3% higher at 10.01 a.m., on August 20.
The market sentiment also looked dull as benchmark indices Sensex and Nifty 50 were trading lower.
The grey market price of the stock had suggested around 8-10% premium over the upper price band of ₹1618.
The IPO received good demand from investors on the last day of the initial public offering (IPO) bidding process as the issue size was subscribed 20.29 times on the last day. It received bids for 26.31 crore shares as against 1.29 crore shares on offer.
The issue was open for subscription between August 9 and August 11.
The company is a 12-year old startup that operates online platforms like CarWale, CarTrade, BikeWale, CarTradeExchange and AutoBiz for users interested in buying and selling new and used vehicles.
“CarTrade is an electronic exchange focusing on the auto sector and thus there is no peer company having similar business operations. At a higher price band...we feel it is attractive considering its scalable business model, profitable operations and business growth opportunities in the auto sector value chain,” said the report by Choice Broking .
The company was looking to raise ₹3,000 crore through the listing. The company’s revenue from operations have increased at a compound annual growth rate (CAGR) rate of 26.4% over FY18-FY21.
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