The pure offer for sale (OFS) contains 12,354,811 fairness shares of the corporate, the Draft Pink Herring Prospectus put out by its lead guide operating supervisor Axis Capital confirmed.
It didn’t present particulars of a worth band for the sale of fairness shares of Rs 10 face worth.
The IPO seeks to lift round Rs 2,000 crore, ET reported earlier.
CarTrade has appointed funding banks corresponding to Kotak Mahindra Capital Co, Citigroup Capital Markets and Nomura, other than Axis Capital to assist with the IPO course of.
Its promoting shareholders embody traders Warburg Pincus LLC (Highdell Funding Ltd), Temasek (MacRitchie Investments Pte Ltd), JP Morgan (CMDB II) and March Capital (Springfield Enterprise Worldwide).
CMDB II will promote 1,608,324 fairness shares, Highdell Funding (3,568,217 shares), MacRitchie Investments (3,568,217 shares), Springfield Enterprise Worldwide (1,124,700 shares), whereas Bina Vinod Sanghi will promote 183,333 shares.
The supply constitutes 26.96% of the corporate’s post-offer paid-up fairness share capital.
Its valuation has doubled for the reason that firm raised Rs 321.6 crore in a Collection H spherical from present traders Temasek, Warburg Pincus and March Capital Companions in June. On the time, it was valued at Rs 3,930.3 crore, or $525 million.
ET was the primary to report the corporate’s IPO plans on March 11, 2020.
CarTrade is a multichannel auto platform with protection and presence throughout car sorts and value-added providers by way of manufacturers corresponding to CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Trade, Adroit Auto and AutoBiz.
“Within the three months ended March 31, 2021, our platforms had a mean of 31.99 million distinctive guests per 30 days and 814,316 autos have been listed for public sale in FY 2021,” the draft reads.
Based in 2009 by Vinay Sanghi, former CEO of Mahindra First Alternative and Rajan Mehra, former nation head of eBay India, CarTrade has acquired funding from numerous traders like Canaan Companions, Epiphany Abroad Ventures, Tiger World, Temasek, March Capital, Austin Ligon, and Warburg Pincus.
The platform helps in auctioning automobiles, tractors, vans and farm gear for sellers from banks, non-banks and insurance coverage corporations and lead era for brand new automobiles. The corporate acquired CarWale in 2015 and took a majority stake in Shriram Automall in 2018.
With the IPO, CarTrade joins an extended checklist of tech-focused corporations which might be eyeing public market listings corresponding to Zomato, Nykaa, PolicyBazaar, and Flipkart.
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