on Jul 27, 2021)MUMBAI: Within just two weeks of the hugely successful IPO and listing of Zomato, the tech-enabled food delivery services company, another private-equity-backed, new age company is going public. CarTrade, a multichannel auto marketplace, said it has received the regulatory nod for its offer.
According to merchant banking sources the Rs 2,000-crore IPO is expected to be launched in the first week of August. The company had filed the offer document on May 15 this year.
Through the offer, some of CarTrade’s existing shareholders, which include marquee investors like Warburg Pincus, Temasek and JP Morgan, are selling a little over 1.2 crore shares. Unlike Zomato that is still a loss-making venture, CarTrade has turned profitable in fiscal 2019, a release from the company said. The company is not raising any money through the IPO.
CarTrade runs several consumer-facing and other auto channels that include CarWale, BikeWale, CarTrade Exchange and Auto Biz. The company’s “platforms offer data-driven solutions across automotive transaction value chain for marketing, buying, selling and financing of new and pre-owned cars, two-wheelers as well as pre-owned commercial vehicles and farm & construction equipment”, the release said.
