IPO, Public funding, Share market - Illustration | Photo Credit: Sagar Sojitra
CarTrade Tech Ltd made a weak debut on the bourses on Friday, listing at one per cent discount against its IPO price of ₹1,618. On the BSE, it opened at ₹1600, down ₹18.00 or 1.11 per cent against its issue price.
It slipped further after opening, hitting a low of ₹1548.05. At 10:01 am, the stock was trading at ₹1586.25, down ₹31.75 or 1.96 per cent against its issue price. On the NSE, it opened at ₹1,599.80. It was trading at ₹1,556.60, down ₹43.20 or 2.70 per cent.
The initial public offering of CarTrade saw a strong subscription during August 9-11, getting subscribed 20.29 times. While the reserved portion of qualified institutional buyers was subscribed 35.45 times and that of non-institutional investors witnessed 41 times subscription. The retail portion was booked 2.75 times.
Also read: CarTrade Tech public issue subscribed 20.29 times
The multi-channel auto platform had fixed the IPO price at ₹1,618, upper end of the price band ₹1,585-1,618.
The public issue of 1.85 crore shares was a complete offer for sale by existing selling shareholders. Investor CMDB II sold 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 sold 17,65,309 equity shares.
The company had raised ₹ 900 crore from anchor investors ahead of its initial public offering.
Published on August 20, 2021
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