CarTrade has filed draft crimson herring prospectus with market regulator SEBI to boost round Rs 2,000 crore by an preliminary public supply (IPO). The IPO shall be an offer-for-sale (OFS) of 12,354,811 fairness shares by current traders, together with Highdell Funding, Macritchie Investments, Springfield Enterprise Worldwide and Bina Vinod Sanghi. The corporate is not going to obtain any proceeds from the share sale as that is a suggestion on the market and never a contemporary difficulty of shares.
CarTrade has reserved 75 per cent of the market providing for certified institutional consumers, 15 per cent for non-institutional traders and 10 per cent for retail bidders.
Axis Capital, Citigroup International Markets India, Nomura Monetary Advisory and Securities (India) and Kotak Mahindra Financial institution are the lead managers, whereas Hyperlink Intime India is the registrar to the difficulty.
CarTrade was based by Vinay Sanghi, former CEO of Mahindra First Selection, and Rajan Mehra, former nation head of eBay India within the 12 months 2009. It’s a web-based auto market platform that allows consumers and sellers to transact in new and used automobiles. CarTrade is backed by marquee traders comparable to Temasek, Warburg Pincus and JP Morgan.