Indian auto classifieds firm CarTrade to soon file for $266m IPO
India Gate. Photo: Abhidev Vaishnav/unsplash
May 2, 2021
Auto classifieds company CarTrade is planning to file the draft red herring prospectus (DRHP) for its initial public offering (IPO) in the next 10-15 days, two people aware of the development said.
“They are ready to file DRHP. Final touches are being put on the document. It should happen in the next 10-15 days. This will be the first online auto classifieds company to go public in India,” the first person cited above said, requesting anonymity as he is not authorized to speak with the media.
Highlights
The company was founded in 2010 by Vinay Sanghi.
CarTrade runs an online auto classifieds platform that helps customers buy new or old cars.
CarTrade is reportedly planning to file the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) within the next 10-15 days to go public. The company is gearing up for an initial public offering (IPO) in the coming weeks, according to a report by Mint.
The auto classifieds company is reportedly looking to bag around Rs 2000 crore with its IPO. The company is being advised by investment banks such as Citi, Nomura, Axis Capital and Kotak Mahindra Capital on the IPO.
Shriram Automall generates business worth ₹3,000 crore thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
April 06, 2021
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Shriram Automall India Ltd (SAMIL), a platform for pre-owned vehicles and equipment, said it generated business worth more than ₹3,000 crore and transacted over 1,60,000 pre-owned vehicles and equipment during 2020-21. SAMIL conducted more than 4,000 physical events and over 25,000 online events across its various platforms during FY21 for selling and buying pre-owned vehicles and equipment, according to a statement.
SAMIL has been seeing very strong recovery trends in demand of used vehicles and equipment and price realisation is also getting better, especially towards the end of Q4.
Over 130 crore transactions were done in a single day during its 10th business anniversary celebration in February.
Shriram Automall sells over 5,600 vehicles, equipment during 1-day bidding event indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.