CarTrade, Nuvoco Vistas IPOs subscription Day 1: Former sees 41% bidding, later 16%- Check category-wise subscription

The two new initial public offers (IPO) of Nuvoco Vistas Corporation and CarTrade Tech were subscribed 16 and 41 per cent, respectively on the first day on Monday.The three-day IPO of both the companies were launched on August 9 and will remain open till August 11, 2021, till 5:00 pm.

The IPO of Nuvoco Vistas, a cement manufacturing company, received bids for 97,33,126 shares against 6,25,00,001 shares offered, while an online auto classified platform CarTrade Tech received bids for 53,00,406 shares against 1,29,72,552 shares offered, according to exchanges data.

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For Nuvoco Vistas offer, the category reserved for retail individual investors (RIIs) was subscribed 31 per cent and non-institutional investors 1 per cent, exchanges data shows

Similarly, the retail individual investors (RIIs) category was subscribed 80 per cent, non-institutional investors 3 per cent and Qualified Institutional Buyers (QIBs) 1 per cent for CarTrade Tech IPO.

The initial public offer (IPO) of Nuvoco Vistas aggregating up to Rs 5,000 crore comprises a fresh issue of up to Rs 1,500 crore and an offer for sale of up to Rs 3,500 crore. While CarTrade Tech IPO is of up to 18,532,216 equity shares and is in a price range of Rs 1,585-1,618 per share.

The price range for the offer of Nuvoco Vistas has been fixed at Rs 560-570 per share.

Nuvoco Vistas, which is a part of the Nirma Group, last week raised Rs 1,500 crore from anchor investors. Similarly, CarTrade Tech on Friday said it has raised Rs 900 crore from anchor investors. 

Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 million metric tonnes per annum (MMTPA). It has 11 cement plants comprising five integrated units, five grinding units, and one blending unit.

While CarTrade was founded in 2009 and backed by marquee investors such as Warburg Pincus, Temasek, JPMorgan, and March Capital. It allows customers to buy/sell used cars as well as new cars and a multi-channel auto platform with coverage and presence across vehicle types and services.