CarTrade Tech makes a poor debut

Shares of CarTrade Tech were currently trading at Rs 1,518.35 apiece on the BSE at 10:11 IST, at a discount of 6.16% as compared with the issue price of Rs 1,618 per share.

The stock was listed at Rs 1,600 per share, at a 1.11% discount to the issue price. So far, the stock has hit a high and a low of Rs 1,600 and Rs 1,481.55, respectively. On the BSE, over 1.84 lakh shares of the company were traded in the counter.

The initial public offer of CarTrade Tech received bids for 26.31 crore shares as against 1.29 crore shares on offer, according to stock exchange data. The issue was subscribed 20.29 times.

The qualified institutional buyers (QIBs) category was subscribed 35.45 times. The retail individual investors (RIIs) category was subscribed 41 times. The non-institutional investors (NIIs) category was subscribed 2.75 times.

The issue opened for bidding on Monday (9 August 2021) and closed on Wednesday (11 August 2021). The price band of the IPO is fixed at Rs 1,585-1,618 per share.

CarTrade Tech is a multi-channel auto platform with coverage and presence across vehicle types and value-added services. Its platforms operate under several brands: CarWale, CarTrade, ShriramAutomall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz. Through these platforms (proprietary Websites/Apps), the company enable new and used automobile customers, vehicle dealerships, vehicle OEMs and other businesses to buy and sell their vehicles in a simple and efficient manner.

The company reported a consolidated net profit of Rs 91.21 crore and sales of Rs 249.68 crore in the twelve months ended 31 March 2021.

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