CarTrade Tech has filed a draft red herring prospectus with capital markets regulator SEBI, to launch an initial public supplying (IPO). The problem will be totally an provide-for-sale (OFS) comprising 1.23 crore equity shares. Investors participating in the provide for sale consist of CMDB II (16.07 lakh equity shares), Highdell Investment (53.79 lakh shares), Macritchie Investments (35.68 lakh shares), Springfield Venture International (11.24 lakh shares) and Bina Vinod Sanghi (1.83 lakh shares). The book-operating managers consist of Axis Capital, Citigroup Global Markets India Private Ltd, Kotak Mahindra Capital Company and Nomura Financial Advisory and Securities (India) Private Ltd. The registrar to the problem is Link Intime India Private Ltd. There are no listed firms in India that engage in a small business related to that of CarTrade.
Key points to know about CarTrade IPO
– Currently, CMDB II holds 11.93 per cent stake, Highdell Investment 34.44 per cent, MacRitchie Investment Pte., 26.48 per cent and Springfield Venture International holds 7.09% stake in the enterprise.
– The enterprise is a multichannel auto platform with coverage and presence across automobile sorts and worth-added services by way of brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz, according to DRHP.
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– CarTrade acquired CarWale in January 2016 and grew its income from Rs 34.7 crore in economic year 2016 to Rs 88 crore in economic year 2020. Similarly, it also acquired 55.43 per cent of the outstanding equity interest in Shriram Automall in January 2018.
– For the fiscal year 2020, the firm reported a total earnings of of Rs 318.4 crore versus Rs 266.8 crore a year ago.
– The objects of the provide are to carry out the OFS, accomplish the rewards of listing the equity shares on the stock exchanges. The enterprise will not acquire any proceeds from the provide and all such proceeds will go to the promoting shareholders.
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– CarTrade Exchange and Autobiz are employed by a significant quantity of employed and new automobile dealers to handle their small business and improve their company’s productivity. CarTrade Exchange is a dealer management technique for employed automobile dealers to handle their processes from procurement to inventory management to sales. CarTrade Exchange is also employed as an on the net auction platform by Shriram Automall.
– CarTrade is a technologies enterprise, comprising sophisticated and sophisticated technologies platforms, operated by 224 technologies workers as of March 31, 2021. In addition, the enterprise has a information science group that focuses on using the vast quantity of information captured on their platforms for distinct purposes.