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Online auto classified platform CarTrade Tech has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial share-sale.
The initial public offer (IPO) will be entirely an offer-for-sale (OFS) of 12,354,811 equity shares, the draft red herring prospectus (DRHP) filed with SEBI showed on Monday.
Also read: Shriram Automall acquires online car auction platform BlueJack
Among the investors participating in the OFS are CMDB II (16.07 lakh equity shares), Highdell Investment Ltd (53.79 lakh shares), Macritchie Investments Pte Ltd (35.68 lakh shares), Springfield Venture International (11.24 lakh shares) and Bina Vinod Sanghi (1.83 lakh shares).
Currently, CMDB II holds 11.93 per cent stake in CarTrade, Highdell Investment owns 34.44 per cent stake, MacRitche Investment has 26.48 per cent shareholding and Springfield Venture International holds 7.09 per cent stake in the company.
Founded in 2009, CarTrade is backed by marquee investors Warburg Pincus, Temasek, JP Morgan and March Capital.
The CarTrade platform allows customers to buy and sell used cars as well as new cars.
The firm 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, CarTrade Exchange, Adroit Auto and AutoBiz.
Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company and Nomura Financial Advisory and Securities (India) Private Limited have been appointed as investment bankers to advise the company on the IPO.
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