CarTrade Tech shares make weak debut on market, stock lists below issue price – Here’s what Anil Singhvi says

Almost in-line with the expectations of Zee Business Managing Editor Anil Singhvi, the shares of CarTrade Tech made weak market debut on Friday. The stock got listed marginally weak on the exchanges down by over 1 per cent to Rs 1599.8 and Rs 1600 on NSE and BSE respectively.

Ahead of its listing, Singhvi had expected the listing of this new age business-model company would be mute near its issue price of Rs 1618 per share. The managing editor had suggested long-term Investors to Hold, while short-term investors can keep a stop loss at Rs 1600 per share. 

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This is the second such weak listing this week, after Windlas Biotech. The pharma company shares began its stock market journey by slipping around 10 per cent on Monday (August 16, 2021).

Cartrade Tech shares made a 52-week high of Rs 1600 per share on the BSE, while on NSE it registered a high as same as of its issue price of Rs 1618 per share on Friday. Similarly, it touched a 52-week low of Rs 1481.55 per share on BSE, and Rs 1481 per share on NSE.

#CarTradeTech की सुस्त लिस्टिंग...

इश्यू प्राइस ₹1618 के मुकाबले NSE पर ₹1599.80 और BSE पर ₹1600 पर लिस्ट#CarTradeTechIPO #CarTrade @AnilSinghvi_ pic.twitter.com/qJhMxoHgW0

— Zee Business (@ZeeBusiness) August 20, 2021

Quoting both positives and negatives of the company, the managing editor had advised to apply for this initial public offer only those investors with a high-risk-taking appetite ahead of its share-sale.

The three-day IPO was oversubscribed by 20.29 times, between August 9-11, 2021. It received bids for 26,31,74,823 shares against 1,29,72,552 shares offered, as per the data available on exchanges. 

The Rs 2,998.51-crore IPO of up to 18,532,216 equity shares, was in a price range of Rs 1,585-1,618 per share and raised Rs 900 crore from anchor investors ahead of IPO launch. 

CarTrade, founded in 2009, has been backed by marquee investors—Warburg Pincus, Temasek, JPMorgan, and March Capital. It allows customers to buy and sell used as well as new cars.