Nirma Group subordinate, Nuvoco Vistas and e-auto classified platform CarTrade initial public offerings (IPOs) will be available for subscription today. These companies are generating funds to pass out their debt, funding capital expenditure requirements and for general corporate uses.
CarTrade IPO price band is uniform at ₹1,585-1,618 per share and Nuvoco Vistas is priced at ₹560-570 a share. The following three-day issues will end on August 11. CarTrade shares are open at a premium rate of ₹380 in the grey market while Nuvoco Vistas’ is available at ₹20, as per the market observation report. The share-sale initially will be completely an offer for sale (OFS) of 18,532,216 equity shares.
”CTT (CarTrade Tech) offers a unique play on the rising digitisation of new and pre-owned vehicle transaction value chain/ecosystem. Given the prevailing preference for digital platforms including the recent listings, we assign SUBSCRIBE rating to the issue for listing gains. Long term wealth generation at CTT will be a function of scalability, relevance and journey towards healthier return ratios,” added ICICI Direct in a statement.
“We believe the company has a strong brand, better technology platforms, a profitable & scalable business model. Hence, we recommend a subscribe rating on the issue,” said Amarjeet Maurya, AVP-Mid Caps, Angel Broking.
Initially, Nuvoco Vistas will issue shares at ₹1,500 crore along with an offer for the sale of ₹3,500 crore by the promoter Niyogi Enterprise. The fixed price band of ₹560-570 public issue will be offered for subscription from August 9 to August 11.
Moreover, along with the mentioned companies, two more IPOs Aptus Value Housing Finance and Chemplast Sanmar will commence their public subscription week along with four other companies at ₹14,628 crore on an initial basis. This announcement comes just after the four companies: Devyani International, Krsnaa Diagnostics, Windlas Biotech and Exxaro Tiles, released their initial share-sales of ₹3,614 crore, last week.
