CarTrade Tech Subscription Status Day 1: Closes at 0.41X

Car trade
IPO
09/08/2021

The Rs.2,999 crore IPO of CarTrade Tech, consisting entirely of offer for sale (OFS), was subscribed less than half the book at the close of Day-1. Retail showed some action, but action from HNIs and QIBs was almost absent. As per the combined bid details put out by the BSE at the close of Day-1 of the issue, CarTrade IPO was subscribed 0.41X overall, with bulk of the demand coming from the retail segment. The issue closes on 11th August.

In terms of numbers, out of the 129.73 lakh shares on offer in the IPO, CarTrade Tech saw applications for 53.00 lakh shares. This implies an overall subscription of 0.41X. The granular break-up of subscriptions were tilted in favour of retail investors.

CarTrade Tech IPO Subscription Day-1

Category

Subscription Status

Qualified Institutional Buyers (QIB)

0.01 Times

Non Institutional Investors (NII)

0.03 Times

Retail Individuals

0.80 Times

Employees

N.A.

Overall

0.41 times

 

QIB Portion

The QIB portion did not see much action on Day-1. On 06 Aug, CarTrade did an anchor placement worth Rs.900 crore. The QIB portion, net of anchor allocation, was subscribed 0.01X (getting applications for 0.21 lakh shares against the available quota of 37.06 lakh shares) at the close of Day-1. However, strong anchor demand is indicative of appetite.

HNI Portion

The HNI portion got subscribed 0.03X (getting applications for 0.92 lakh shares against the quota of 27.80 lakh shares). As we have seen on previous occasions, the predominant funded and corporate applications come in on the last day of the issue.

Retail Individuals
 

The retail portion got subscribed 0.80X at the close of Day-1, showing reasonable retail appetite. Out of the 64.86 lakh shares on offer, valid bids were received for 51.88 lakh shares, of which bids for 41.80 lakh shares were at the cut-off price. The IPO is priced in the band of (Rs.1,585-Rs.1,618) and will close for subscription on Wednesday, 11th August. 

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