New Delhi: Ater weeks of hypothesis, CarTrade has lastly filed a draft crimson herring prospectus (DRHP) for an preliminary public providing (IPO) with the Securities and Exchange Board of India (SEB) to bag round Rs 2,0000 crore.
The on-line auto classifieds platform’s supply includes 26.96% of post-offer paid-up fairness share capital with a face worth of Rs 10 per share. The firm is being suggested by funding banks comparable to Citi, Nomura, Axis Capital and Kotak Mahindra Capital on the IPO.
CarTrade’s difficulty lists 12,354,811 fairness shares on a pure offer-for-sale (OFS). It is essential to observe that the corporate isn’t elevating any fund for itself, and solely its present traders are buying and selling their shares.
Founded in 2010 by Vinay Sanghi, CarTrade operates a web-based auto classifieds platform that helps prospects purchase new or outdated automobiles. Customers also can promote their used automobiles on the platform. It is claimed to have bought over 1 million automobiles on its platform in 2020.
The firm is backed by traders American non-public fairness large Warburg Pincus, Singapore’s state investor Temasek, JP Morgan and March Capital Partners. Besides CarTrade, the corporate additionally runs Carwale.com and Bikewale.com for buying and selling two-wheelers. It additionally runs Adroit, which offers further companies associated to vehicles, together with car inspection, valuation, certification, amongst others.
In January 2018, CarTrade additionally acquired Shriram Automall India Ltd, which offers in pre-owned business automobiles, together with development and industrial tools and tractors and agricultural tools
