CarTrade IPO subscribed 41% on Day-1 on strong retail interest

The initial public offering (IPO) of CarTrade Tech was subscribed 41 per cent, while that of Nuvoco Vistas Corporation was subscribed 16 per cent on Monday, the opening day. Bulk of the bids on the first day came from retail investors.

Car Trade is a multi-channel auto platform that facilitates buying and selling of vehicles. It operates brands such as CarWale, CarTrade, Shriram Automall and BikeWale. The company’s IPO Rs 2,999-crore is entirely an offer for sale (OFS). The price band for the IPO is Rs 1,585-Rs 1,618 per share. at the top-end the company is valued at Rs 7,416 crore. For the year ended FY21, Cartrade had clocked revenues of Rs 250 crore and net profit of Rs 35 crore.