CarTrade Tech will launch its preliminary public offering for subscription on 9th August 2021. It is a multi-channel auto outlet. Anchor book will be opened for 6th August, just before opening the issue. 11th August will be the climax of the initial offering. 1,85,32,216 equity shares are an exact offer for exchange by existing shareholders. The offer consists of 22,64,334 equity shares by CMDB II, 84,09,364 equity shares by Highdell, 17,65,309 equity shares by Springfield venture, 50,76,761 equity shares by MacRitchie investments Pte Ltd.
Equity shares by Bina Vinod Sanghi, Daniel Edward Neary, Victor Anthony Perry, Shree Krishna Trust, etc. were also included in this offering. Merchant bankers and the company will have a conversation and then the credentials about the size and band of IPO will be publicized. Post-offer paid-up capital share of the company would comprise 40.43% of the offer. The company is not going to receive money from IPO, but, Funds will go to holders. Highdell Investment, Mauritius is the largest shareholder in the CarTrade (34.44%) stake. MacRitchie investments, CMDB II, Vinay Vinod Sanghi, Springfield Venture have 26.48%, 11.93%, 3.56, and 7.09% respectively.
This platform works under various brands- CarTrade, CarWale, BikeWale, Adroit Auto, Autobiz, Shriram Automall, etc. recent and used automobile consumers, original equipment manufacturers (OEMs), etc to do business of automobiles in productive ways.
CarTrade has just one motive and that is, formulating an automotive digital ecosystem where OEMs, banks, traders, consumers, and stakeholders get connected.
According to the reports by Moneycontrol, “Among key competitors, it was the only profitable automotive digital platform for the financial year 2020.”
Devyani International, Windlas Biotech, Exxaro Tiles, and Krsnaa Diagnostics were the four IPO’s scheduled for 2021. This IPO will be the fifth and has been scheduled for August.
CarTrade Tech will be the fifth IPO, among other glorious initiatives as per the reports. Endeavors of creating an ecosystem where everyone will be able to establish connections with each other and the format of the automobile industry is getting transformed.