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HomeBusinessCar Trade Files For IPO, To Raise INR 2,000 Crores

Car Trade Files For IPO, To Raise INR 2,000 Crores

This move comes after people’s preference is shifting towards individual transportation during the lockdown and pandemic. The IPO consists of only 12,354,811 equity shares offered for sale.

Auto classifieds portal CarTrade Tech Ltd is one step closer to becoming India’s first online auto classifieds marketplace to list on the domestic stock market. Recently, it has filed a draft red herring prospectus with SEBI to raise INR 2,000 crores via an Initial Public Offering (IPO). The portal is backed by some marquee investors like JP Morgan, Warbug Pincus, and Temasek. 

Kotak Mahindra Capital, Axis Capital, and Citigroup are the investment banks work on this IPO. AZB & Partners is the counsel to the selling shareholders, Indus Law is the counsel to the i-banks, and Cyril Amarchand Mangaldas is the company counsel.

This move comes after people’s preference is shifting towards individual transportation during the lockdown and pandemic. The IPO consists of only 12,354,811 equity shares offered for sale.  In April this year, CarTrade raised $25 million in a round led by Malabar Investment Advisors & IIFL, after which it assumed unicorn status, that is, was valued at over a billion dollars.

CarTrade.com was founded in 2009, and is an online auto marketplace providing buyers and sellers a structured platform for transacting in new and used vehicles. With a network of 4,000 dealers, it continues to expand its services across India. As of today, over 4 million different customers visit CarTrade.com every month.

Source: Business World

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