The CarTrade Tech IPO online automotive market platform will open on August 9. Here’s all you need to know

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CarTrade Tech IPO: Shares Expected to List on BSE and NSE on August 23

CarTrade Tech’s initial public offering (IPO) of Rs 2,000 crore will open for subscription on August 9 and close on August 11. Temasek and JP Morgan. The company has set the price range at Rs 1,585 to 1,618 per share. At the upper end of the price bracket, the company plans to raise around Rs 3,000 crore. The shares are expected to be listed on the BSE and NSE on August 23.

A total of 75 percent of the equity offering has been secured for qualified institutional buyers, 15 percent for non-institutional investors and 10 percent for retail buyers. Investors can bid for a minimum of one lot of nine shares and in multiples thereof, up to 13 lots. The company will not receive any share proceeds as it is an offer to sell and not a new issue of shares.

CarTrade is an online automotive market platform that allows buyers and sellers to trade in new and used vehicles. It operates various brands such as CarWale, CarTrade, Shriram Automall and BikeWale. It was founded by Vinay Sanghi, former CEO of Mahindra First Choice, and Rajan Mehra, former Country Manager of eBay India in 2009 and is backed by renowned investors such as Temasek, Warburg Pincus and JP Morgan.

Axis Capital, Citigroup Global Markets India, Nomura Financial Advisory and Securities (India) and Kotak Mahindra Bank are the lead managers of the public issue, while Link Intime India is the registrar of the issue.

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