Carraro India IPO listing today: Shares list at 7% discount on bourses

Shares of agricultural and construction equipment manufacturer Carraro India posted a negative debut on the bourses on Monday, December 30, 2024. The company's shares listed at Rs 660 apiece, reflecting a discount of 6.25 per cent over the IPO issue price of Rs 704. 

 

Carraro India shares listed at a discount of 7.53 per cent at Rs 651 apiece on the National Stock Exchange (NSE).

 

Though the grey market trends anticipated a muted start, Carraro India IPO listing fell short of grey market expectations. Ahead of the listing, Carraro India shares were quoted trading flat at Rs 704 in the grey markets, revealed the sources tracking unofficial markets. Highlighting that the Carraro India shares made a negative stock market debut, Shivani Nyati, head of wealth at Swastika Investmart, said, "Those who took part in the initial public offering (IPO) may hold with a stop loss of Rs 590."

 

"The company has longstanding relationships with marquee local and international supplier bases. The company posted steady growth in its top lines with a commensurate rise in its bottom lines for the reported periods," Nyati added.

 

Carraro India IPO comprises an entire offer for sale with promoter Carraro International S.E. divesting up to 1,77,55,680 equity shares of the company estimated to be worth around Rs 1,250 crore. The public offering was available at a price band of Rs 668-704, with a lot size of 21 shares.  Also Read: Ventive Hospitality IPO listing

 

The public offering, which opened for subscription on Friday, December 20, 2024, ended with getting oversubscribed by 1.12 times on Tuesday, December 24, 2024.

 

Carraro India will not receive any proceeds from the offer for sale, and the proceeds will be received by the Promoter Selling Shareholder after deduction of offer-related expenses and relevant taxes thereon, to be borne by the Promoter Selling Shareholder.  Also Read: Senores Pharma IPO listing

 

Carraro India manufactures components for agricultural and construction equipment. The company designs and sells transmission systems and gears for various sectors. It operates two manufacturing plants in Pune, Maharashtra, with a total area of approximately 162,000 square meters. The company produces axles and transmission systems for agricultural tractors and construction vehicles. Carraro India has a network of 220 local suppliers and 58 international suppliers.