CarTrade Tech, the multi-channel auto platform, has fixed the price band at Rs 1,585-1,618 per share for its upcoming initial public offering. The offer will open for subscription on August 9 and will close on August 11.
The company will open its anchor book, if any, for a day on August 6, a day before issue opening.
The public issue of 1,85,32,216 equity shares is a complete offer for sale by existing selling shareholders. The offer size comes to Rs 2,998.51 crore.
Investor CMDB II will sell 22,64,334 equity shares through IPO, Highdell Investment 84,09,364 equity shares, MacRitchie Investments Pte Ltd 50,76,761 equity shares, and Springfield Venture International 17,65,309 equity shares.
Among others, Bina Vinod Sanghi (jointly held with Vinay Vinod Sanghi) will offload 1,83,333 equity shares through public issue, Daniel Edward Neary 70,000 equity shares, Shree Krishna Trust 2,62,519 equity shares, Victor Anthony Perry III 50,546 equity shares, and Vinay Vinod Sanghi (jointly held with Seena Vinay Sanghi) 4,50,050 equity shares.
Investors can bid for a minimum of 9 equity shares and in multiple of 9 equity shares thereafter.
The company has reserved 50 percent of total offer for qualified institutional buyers, 35 percent for retail investors, and the rest 15 percent for non-institutional investors.
Mauritius-based Highdell Investment is the largest shareholder in CarTrade with 34.44 percent stake, followed by MacRitchie Investments with 26.48 percent shareholding, CMDB II 11.93 percent, Springfield Venture International 7.09 percent, and Vinay Vinod Sanghi with 3.56 percent stake.
CarTrade is a multi-channel auto platform with coverage and presence across vehicle types and value-added services. Its platforms operate under several brands - CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.
Through these platforms, the company enables new and used automobile customers, vehicle dealerships, vehicle original equipment manufacturers (OEMs) and other businesses to buy and sell their vehicles in a simple and efficient manner.
Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company, and Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue.