CarTrade Tech gets SEBI approval for Rs 2,000 crore IPO | Avaneesh Parasar

The issue is a complete offer for the sale of 12,354,811 equity shares by investors and other selling shareholders, CarTrade Tech said.

It would not be wrong to say that this year is the year of IPOs, first Zomato, Paytm, Patanjali, and Now Car Trade, everyone is doing a public listing of their company, Avaneesh Parasar said.

Online auto classifieds platform CarTrade Tech has received regulatory approval from the Securities and Exchange Board of India (SEBI) to float Rs 2,000 crore via the initial public offering (IPO) route.

“The issue is a complete offer for sale of 12,354,811 equity shares by Investor and Other Selling Shareholders. There will be no funds received by the company via this initial public offering,” stated a statement issued by the company on July 26.

Notably, CarTrade Tech had filed its draft red herring prospectus (DRHP) with SEBI on May 15, 2021.

The upcoming IPO has garnered interest as CarTrade Tech is one of India’s leading multi-channel auto marketplace, serving new and used automobile customers through several of its vertically integrated brands such as Carwale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and Auto Biz.

“Between April 2020 and March 2021, the company in comparison to its peer set had its platforms such as CarWale and BikeWale have a dominant online search popularity while Shriram Automall stood as a leading used vehicle auction platform based on no of vehicles listed for auction in FY20,” the press release added.
Source- https://www.moneycontrol.com/news/business/startup/grofers-forays-into-instant-delivery-delivers-to-7000-households-within-15-mins-7230631.html