Mumbai: The upcoming IPO (Initial Public Offering) of technology platform CarTrade Tech has been announced.
CarTrade Tech IPO will see listing of its shares of face value of Rs 10 each.
According to the DRHP with the SEBI filed in May, the CarTrade Tech IPO would be a Rs 2,000 crore IPO. The IPO will purely be an Offer for Sale by existing shareholders. As such the company is not expecting any funds for pursuing growth from the IPO.
Existing investors includes Canaan Partners, Epiphany Overseas Ventures, Tiger Global, Temasek, Warburg Pincus, March Capital, and startup investor Austin Legon.
The IPO will observe an exchange of 1.23 crore equity shares by investors. The IPO of CarTrade Tech Trade has been priced in a range of Rs 1,585 to Rs 1,618.
CarTrade Tech is a multi-channel platform offering sale and purchase of new and used vehicles. Besides being a vehicle OEM it also operates brands such as BikeWale, CarWale, CarTrade, Shriram Automall, Adroit Auto, CarTrade Exchange and Auto Biz.
Founded by Rajan Mehra (formerly Mahindra First) and Rajan Mehra (former eBay Country Head), the business turned profitable in 2019-20 even as it clocked a growth rate of nearly 46 percent between 2018-20.
The company has 114 automalls which are either leased or rented from third parties. Revenues includes sale and purchase commissions as well as lead generation and remarketing activities.