The IPO of online auto classifieds platform CarTrade Tech is going to be launched on 9 August. The company is preparing to raise Rs 2000 crore through this issue. CarTrade allows consumers to buy both new and used cars. It has investments from American private equity investor Warburg Pincus, Singapore’s state-run investor company Temasek, JP Morgan and March Capital Partners.
Profit of Rs 101.07 crore in FY 2021
If we look at the financial position of the company, the revenue of the company was Rs 281.52 crore in FY 2021, which was Rs 318.44 crore in FY 2020. The company’s profit was Rs 101.07 crore in FY 2021, which stood at Rs 31.29 crore in FY 2020.
Know everything about IPO
This IPO will be completely offered for sale based. Under which 1.85 crore shares will be sold by the existing shareholders and promoters. In this IPO, CMDB II (16.07 lakh equity shares), Hydel 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).
The company has appointed Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company and Nomura Financial Advisory and Securities Private Limited as investment bankers for the IPO.
The company Car Trade, which started in 2009, was established in 2009. Vinay Sanghi is the founder and CEO of CarTrade. He was the CEO of Mahindra First Choice Wheels from 2000 to 2009. Customers can buy and sell their used or new cars through the CarTrade platform. Cartrade has a multichannel auto platform that covers all types of vehicles and value-added services. The platforms include CarWale, CarTrade, Shriram Automal, BikeWale, Car Trade Exchange, Acriot Auto and Auto biz.