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CarTrade Files initial public offer (IPO) Papers, Set To Raise Around Rs 2,000 Crore

CarTrade Files IPO Papers, Set To Raise Around Rs 2,000 Crore

CarTrade was founded by Vinay Sanghi and Rajan Mehra in the year 2009

CarTrade has filed draft red herring prospectus with market regulator SEBI to raise around Rs 2,000 crore through an initial public offer (IPO). The IPO will be an offer-for-sale (OFS) of 12,354,811 equity shares by existing investors, including Highdell Investment, Macritchie Investments, Springfield Venture International and Bina Vinod Sanghi. The company will not receive any proceeds from the share sale as this is an offer for sale and not a fresh issue of shares.

CarTrade has reserved 75 per cent of the market offering for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail bidders.

Axis Capital, Citigroup Global Markets India, Nomura Financial Advisory and Securities (India) and Kotak Mahindra Bank are the lead managers, whereas Link Intime India is the registrar to the issue.

CarTrade was founded by Vinay Sanghi, former CEO of Mahindra First Choice, and Rajan Mehra, former country head of eBay India in the year 2009. It is an online auto marketplace platform that enables buyers and sellers to transact in new and used vehicles. CarTrade is backed by marquee investors such as Temasek, Warburg Pincus and JP Morgan.


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