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Car trade
IPO
10/08/2021

The Rs.2,999 crore IPO of CarTrade Tech, consisting entirely of offer for sale (OFS), was almost subscribed fully at the close of Day-2. Retail showed the best traction, but action from HNIs and QIBs was still tepid. As per the combined bid details put out by the BSE at the close of Day-2 of the issue, CarTrade IPO was subscribed 0.99X overall, with bulk of the demand coming from retail segment. The issue closes on Wednesday, 11th August.

In terms of numbers, out of the 129.73 lakh shares on offer in the IPO, CarTrade Tech saw applications for 128.91 lakh shares. This implies an overall subscription of 0.99X. The granular break-up of subscriptions was tilted in favour of retail investors.

CarTrade Tech IPO Subscription Day-2

Category

Subscription Status

Qualified Institutional Buyers (QIB)

0.59 Times

Non Institutional Investors (NII)

0.27 Times

Retail Individuals

1.53 Times

Employees

N.A.

Overall

0.99 times

 

QIB Portion

The QIB portion did see some action on Day-2. On 06 Aug, CarTrade did an anchor placement worth Rs.900 crore. The QIB portion, net of anchor allocation, was subscribed 0.59X (getting applications for 21.89 lakh shares against the available quota of 37.06 lakh shares) at the close of Day-2. Strong anchor book is indicative of QIB appetite.

HNI Portion

The HNI portion got subscribed 0.27X (getting applications for 7.51 lakh shares against the quota of 27.80 lakh shares). However, the predominant funded and corporate applications come in on the last day of the issue.

Retail Individuals

The retail portion got subscribed 1.53X at the close of Day-2, showing reasonable retail appetite. Out of the 64.86 lakh shares on offer, valid bids were received for 99.51 lakh shares, of which bids for 78.00 lakh shares were at the cut-off price. The IPO is priced in the band of (Rs.1,585-Rs.1,618) and closes for subscription on Wednesday, 11th August.

 

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