SEBI Approves CarTrade's INR 2,000 Cr IPO

SUMMARY

CarTrade which will go public under the name ‘CarTrade Tech’ filed its DRHP in May this year

The company is making a pure offer for sale for 1,23,54,811 equity shares

CarTrade in its DRHP filings has posted a consolidated revenue of over INR 318 Cr; net profit of INR 31.2 Cr

Automobile marketplace CarTrade on Monday received an approval from SEBI to raise INR 2,000 Cr through public offerings. The company in May this year filed its DRHP, a mandatory step required for a company to go for public listings, with SEBI making a pure offer for sale (OFS) for 1,23,54,811 equity shares of the company. The offer constitutes 26.9% of the company’s post-offer paid-up equity share capital. The company will go to the public market under the name of CarTrade Tech.

Founded in 2009 by Vinay Sanghi, a former chief executive officer of Mahindra First Choice and Rajan Mehra, former country head of eBay, CarTrade is an Indian multi-channel automarket place, offering both new and used vehicle to customers through its several platforms such as CarTrade, Carwale, CarTradeExchange, Shriram Automall, Adroit Auto, Auto Biz, and BikeWale. CarTrade group has over 40 OEMs, 15,000+ dealers and has 180 owned or franchise stores.