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Miguel Cordon · · 1 min readSources: Indian auto marketplace CarTrade to file for $272m IPO
“After Zomato’s 82.5 billion rupee (US$1.12 billion) public offer, auto classifieds platform CarTrade is now set to file its draft prospectus,” Livemint reported citing two sources briefed on the matter.
Details:
- CarTrade is looking to raise 20 billion rupees (US$272.1 million) in its financial debut, one source shared.
- The IPO will be done through a mix of primary and secondary share sales. Citi, Nomura Holdings, Axis Capital, and Kotak Mahindra Capital are among those advising CarTrade on the offering.
Context:
- If the listing goes through, it would mark the first auto classifieds service to go public in the country.
- CarTrade’s move comes after the Covid-19 pandemic pushed auto sales numbers up as people turn to personal mobility for safer travel, the other source said.
Currency converted from rupee to US dollar: US$1 = 73.45 rupees.
Editing by Collin Furtado and Jaclyn Tiu
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