CarTrade Tech makes tepid market debut; tumbles nearly 8% at close of trade

Shares of CarTrade Tech had a muted market debut on Friday, closing with a discount of nearly 8 per cent against its issue price of Rs 1,618.

The stock is listed at Rs 1,600, falling 1.11 per cent from the issue price on the BSE. It tumbled 8.77 per cent to Rs 1,476 during the day and then ended at Rs 1,500.10, lower by 7.28 per cent.

On the NSE, it made its debut at Rs 1,599.80, lower by 1.12 per cent, and closed at Rs 1,491, falling 7.84 per cent.

The company's market valuation was at Rs 6,875.57 crore on the BSE.

In traded volume terms, 5.22 lakh shares were traded at the BSE and over 1.15 crore units at the NSE during the day.

The initial public offer (IPO) of CarTrade Tech was subscribed 20.29 times earlier this month. The Rs 2,998.51-crore IPO was in a price range of Rs 1,585-1,618 per share.

Founded in 2009, CarTrade is backed by marquee investors -- Warburg Pincus, Temasek, JPMorgan, and March Capital.

The CarTrade platform allows customers to buy and sell used cars as well as new cars.

The firm is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands -- CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.