A day after weak listing, CarTrade Tech shares jumped 5 per cent to Rs 1575 per share on the BSE intraday trade today. The stock on Friday ended over 7 per cent lower to Rs 1500 per share on the BSE and by almost 8 per cent down to Rs 1491 per share on the NSE from its issue price of Rs 1618 a share.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The counter on Friday made a market debut almost in line with Zee Business Managing Editor Anil Singhvi’s expectations. The company’s stock got listed over 1 percent lower on the exchanges to Rs 1599.8 and Rs 1600 per share on NSE and BSE respectively. 

See Zee Business Live TV Streaming Below:

The stock at around 12:45 pm was trading almost 3 per cent to Rs 1541.3 per share on the BSE, as against to 0.3 per cent rise in the S&P BSE Sensex on Monday. The counter on Friday had touched a 52-week high of Rs 1610 per share and a 52-week low of Rs 1476 per share on the BSE.

The initial public offer (IPO) of the company was oversubscribed by 20.29 times on the final day, it was launched on August 9, 2021, and closed on August 11, 2021. The three-day IPO received bids for 26,31,74,823 shares against 1,29,72,552 shares offered, as per the data available on exchanges. 

The quota set aside for qualified institutional buyers (QIBs) had received 35.45 times subscription, while the portion for non-institutional investors was subscribed 41 times and retail individual investors (RIIs) quota was subscribed 2.75 times. 

The Rs 2,998.51-crore initial public offer (IPO) of up to 18,532,216 equity shares, was in a price range of Rs 1,585-1,618 per share. Moreover, the company ahead of its share sale launch had raised Rs 900 crore from anchor investors.  

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.