CarTrade Tech makes disappointing market debut; shares tank nearly 9%

CarTrade Tech three-day IPO received bids for 26,31,74,823 shares against 1,29,72,552 shares on offer, according to data on the exchanges.
CarTrade Tech's market valuation was at <span class='webrupee'>₹</span>7,079.53 crore on BSE. (File Photo)
CarTrade Tech's market valuation was at 7,079.53 crore on BSE. (File Photo)
Published on Aug 20, 2021 12:31 PM IST
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Byhindustantimes.com | Written by Meenakshi Ray, New Delhi

CarTrade Tech made a muted debut on domestic markets on Friday and fell nearly 8.8 per cent. CarTrade Tech listed at a discount of over 1 per cent against its issue price of 1,618. The stock listed at 1,600, falling 1.11 per cent from the issue price on BSE and it tumbled 8.77 per cent to 1,476 as trade progressed. It made its debut at 1,599.80, lower by 1.12 per cent, on NSE.

CarTrade Tech's market valuation was at 7,079.53 crore on BSE. CarTrade Tech initial public offer (IPO) was subscribed 20.29 times earlier this month. The 2,998.51-crore IPO was in a price range of 1,585-1,618 per share. CarTrade Tech IPO opened for subscription on August 9 and concluded on August 11. The bidding for anchor investors opened on August 6. The initial share sale was entirely an offer for sale (OFS) of 18,532,216 equity shares.

The three-day IPO received bids for 26,31,74,823 shares against 1,29,72,552 shares on offer, according to data on the exchanges.

CarTrade Tech, founded in 2009, is backed by marquee investors like Warburg Pincus, Temasek, JPMorgan, and March Capital. The CarTrade platform allows customers to buy and sell used cars as well as new cars.

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