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CarTrade Tech IPO: CarTrade Tech IPO subscribed 2.6 times on the last day

MUMBAI: CarTrade Tech’s IPO continued to be well received by investors on the last day of the bidding process on Wednesday.

At 12:20 p.m., offers for 3,35,74,257 shares with an issue volume of 1,29,72,552 shares had been received, which corresponds to a 2.6-fold subscription.

The company’s initial public offering, close to Rs 3,000 crore, has received strong responses from high net worth, institutional and retail investors.

CarTrade has already raised Rs 899.55 crore through the allotment of 5.6 million shares to anchor investors on the eve of the IPO.

The offering is an offer to sell (OFS) up to shares by existing selling shareholders, which will be sold in the price range of Rs 1.585-1.618. At the upper end of the price range, the IPO is offered at 73.4 times the price profit, 29.6 times the EV sales and 4.4 times the price book value.

Analysts are largely positive about the issue, although some of them are concerned about asking for reviews. The company’s ratings appear to be exaggerated, it said

, while it is proposed that investors subscribe to the issue in order to take advantage of the listing. “Long-term investors are advised to buy the stock after it has been listed on Dips,” it says.

CarTrade is an online used vehicle classification platform and does not have a publicly listed peer.

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