CarTrade is reportedly planning to file the draft pink herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) inside the subsequent 10-15 days to go public. The firm is gearing up for an preliminary public providing (IPO) within the coming weeks, in accordance to a report by Mint.
The auto classifieds firm is reportedly trying to bag round Rs 2000 crore with its IPO. The firm is being suggested by funding banks akin to Citi, Nomura, Axis Capital and Kotak Mahindra Capital on the IPO.
CarTrade was based in 2010 by Vinay Sanghi. The firm runs a web based auto classifieds platform that helps prospects purchase new or outdated vehicles. Customers also can promote their used vehicles on the platform. It is claimed to have offered over 1 million vehicles on its platform in 2020.
The firm is backed by buyers American non-public fairness big 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 providers associated to cars, together with car inspection, valuation, certification, amongst others.
In January 2018, CarTrade additionally acquired Shriram Automall India Ltd, which offers in pre-owned industrial automobiles, together with building and industrial gear and tractors and agricultural gear.
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