Last heard, the issue was commanding a premium of Rs 185-195 in the grey market.
The issue, which was sold in Rs 1,585-1,618 price band, was subscribed 20.29 times on the closing day of the subscription on Wednesday.
The three-day IPO received bids for 26,31,74,823 shares against 1,29,72,552 shares on offer. The quota reserved for qualified institutional buyers (QIBs) was subscribed 35.45 times. The portion for non-institutional investors was subscribed 41 times. The retail individual investors (RIIs) quota witnessed 2.75 times subscription.
CarTrade is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands — CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.
The CarTrade platforms allow customers to buy and sell used cars as well as new cars. Founded in 2009, it is backed by marquee investors such as Warburg Pincus, Temasek, JPMorgan and March Capital.
The company’s financials were hit in FY21 with sales falling 16 per cent YoY to Rs 249.68 crore from Rs 249.68 crore in FY20. Profit jumped to Rs 101.07 crore (largely led by Rs 54.10 crore in taxes) compared with Rs 31.29 crore profit in FY20. That said, it is the only profitable online automotive portal. The company is debt-free and has a history of generating positive free cash flows (FCFs).
Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
2) Under the issue type, click Equity
3) Under the issue name, select CarTrade Tech Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on ‘I am not a Robot and hit submit.
You can also check the allotment status on the online portal of Link Intime India
Private Limited (
https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue. The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications, and carries out the allotment process as per the prospectus.
The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatch, and uploading of refunds, and attending to all investor-related queries after the issue is completed.
1) Go to the web portal of Link Intime India Private Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalised
3) You may be required to select either one of the three modes: Application number, Client ID or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
Bidders who could not get allotment in the IPO may see the initialisation of refunds on Wednesday. Others, who would be allotted shares may see the credit of shares in the demat account by Friday. The listing of the IPO is likely to happen on August 23.
CarTrade’s platforms such as CarWale and CarTrade platforms offer customers to research and connect with dealers and OEMs. They also engage with financing and automotive ancillary companies to offer products and services on the portals.
A subsidiary Shriram Automall facilitates sales of pre-owned cars, two-wheelers, commercial vehicles, three-wheelers, and farm and construction equipment. CarTrade Exchange is an online auction platform and a used vehicle enterprise resource planning tool. Adroit Auto offers vehicle inspection and valuation services while AutoBiz provides new car dealers a CRM solution to manage their customers.
CarTrade Tech had 2.6 crore monthly average unique visitors on its websites and apps in FY21 of which 88.4 per cent were organic, from unpaid sources. It featured 8.14 lakh vehicle listings on its online and offline auction platforms. As of FY20, the total addressable market for Indian automotive portals was estimated at $14.3 billion, of which CarTrade and its key competitors together covered only 5 per cent of the market.