6 hours ago
Online automotive classifieds CarTrade plans to raise Rs 2,000 crore through a initial public offering (IPO) and plans to expand into electric vehicles, ride-sharing, vehicle subscription and vehicle servicing services. According to the draft red herring prospectus (DRHP) filed with the Securities Exchange Board of India (SEBI), CarTrade will issue over 12 million equity shares at a face value of Rs 10, translating to 26.96% of its post-offer paid-up equity share capital.
Highdell, which is the company’s biggest shareholder will be selling the biggest stake 5,379,055 equity shares , followed by MacRitchie selling 3,568,217 shares, then CMDB and Springfield. Other shareholders that will sell their shares through the IPO include Bina Vinod Sanghi, Shree Krishna Trust and others. Axis Capital is the lead book-running manager, while Kotak Mahindra Capital Co, Citigroup Capital Markets and Nomura are the investment banks for the IPO.