CarTrade Tech Makes Weak Stock Market Debut, Hits Low Of Rs 1,531

CarTrade Tech shares were in very high demand during the three-day share sale via initial public offering which ended on August 11.

CarTrade Tech Makes Weak Stock Market Debut, Hits Low Of Rs 1,531

CarTrade Tech is an online auto marketplace.

CarTrade Tech shares made a weak debut on stock markets. The shares of the multi-channel auto platform, CarTrade Tech, opened for trading at Rs 1,599.80 on the National Stock Exchange compared with its issue price of Rs 1,618 in the IPO, marking a discount of 1.12 per cent. On the BSE, the stock opened for trading at Rs 1,600. In intraday deals, CarTrade Tech shares fell as much as 5.33 per cent from issue price to hit an intraday low of Rs 1,531 on the National Stock Exchange. On the BSE, CarTrade Tech fell as much as 5.38 per cent.

CarTrade Tech shares were in very high demand during the three-day share sale via initial public offering which ended on August 11. The IPO was subscribed 20.29 times, according to data on stock exchanges.

The multi-channel auto platform's Rs 2,998.51 crore IPO was an offer-for-sale by marquee investors, including Warburg Pincus, Temasek and JP Morgan.

CarTrade Tech is an online auto marketplace platform founded by Vinay Sanghi, former CEO of Mahindra First Choice, and Rajan Mehra, former country head of eBay India in the year 2009. It operates various brands viz. CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.

Axis Capital, Citigroup Global Markets India, Nomura Financial Advisory and Kotak Mahindra Bank were the lead managers to the CarTrade IPO, whereas Link Intime India was the registrar to the issue.

As of 10:06, CarTrade Tech shares traded at Rs1,535, down 5.12 per cent from the issue price in the initial public offering.