This Article is From Jul 27, 2021

CarTrade Tech Receives Sebi Nod For IPO

CarTrade Tech IPO will be an offer-for-sale of 12,354,811 shares by marquee investors such as Warburg Pincus, Temasek and JP Morgan

CarTrade Tech Receives Sebi Nod For IPO

CarTrade Tech was founded by Vinay Sanghi and Rajan Mehra in the year 2009

CarTrade Tech, the owner of Carwale, has received approval from the Securities and Exchange Board of India (SEBI) for its Rs 2,000 crore initial public offering (IPO). The IPO will be an offer-for-sale of 12,354,811 shares by marquee investors such as Warburg Pincus, Temasek and JP Morgan.

The company will not receive any proceeds from the share sale as this is an offer for sale and not a fresh issue of shares.

CarTrade Tech had filed its draft red herring prospectus with SEBI on May 15, 2021

CarTrade has reserved 75 per cent of the market offering for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail bidders.

CarTrade was founded by Vinay Sanghi, former CEO of Mahindra First Choice, and Rajan Mehra, former country head of eBay India in the year 2009. It is an online auto marketplace platform that enables buyers and sellers to transact in new and used vehicles. CarTrade is backed by marquee 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 to the public issue, whereas Link Intime India is the registrar to the issue.

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