CarTrade Tech’s Rs 3,000 crore share sale via an initial public offering (IPO) was subscribed 20.29 times on the last day of subscription, National Stock Exchange data showed. CarTrade Tech received a total of 26.31 crore bids for 1.29 crore shares in the bid. A total of 1.35 crore bids were received at the cut-toff price.
CarTrade Tech shares were in high demand among non-institutional investors, as the portion reserved for them had been subscribed 32.48 times. The portion reserved for the qualified institutional buyers was subscribed almost 19 times, of which foreign institutional investors bid for shares of 4.33 crore and domestic financial institutions (banks, financial institutions and insurance companies) bid for shares of 1.88 crore. The portion reserved for QIB’s held 37.06 lakh shares, NSE data showed.
The private investor section was subscribed 1.41 times.
CarTrade Tech’s IPO was a sell offer in which the existing investors, including Warburg Pincus, Temasek and JP Morgan, sold shares in the three-day stock sale that ended Aug. 11. The company sold shares in the price range of Rs. 1,585-1,618 per share.
Axis Capital, Citigroup Global Markets India, Nomura Financial Advisory and Securities (India) and Kotak Mahindra Bank were the lead managers of the public issuance of CarTrade, while Link Intime India is the registrar on the issuance.
The listing date of CarTrade Tech stock has not yet been announced, but the tentative listing date is August 23.