BackCar Trade IPO subscribed 41% on first day; Nuvoco Vistas subscribed 16%
The multi-channel platform to buy and sell automobiles received bids for 5.28 million equity shares against an IPO size of 12.97 million equity shares
PremiumMUMBAI : The ₹2998.50 crore initial public offering (IPO) of CarTrade Tech was subscribed 41% on the first day of bidding on Monday.
The multi-channel platform to buy and sell automobiles received bids for 5.28 million equity shares against an IPO size of 12.97 million equity shares, according to the data available on exchanges.
Retail investors portion was the most subscribed with 80%. Non-institutional investors portion was subscribed 3% and qualified institutional buyers was subscribed 1%.
Last week, CarTrade Tech raised ₹900 crore from anchor investors. The issue is a complete offer for sale by investors and shareholders. The price band for the offer has been fixed at ₹1,585-1,618 a share.
CarTrade Tech is an online auction platform, while Adroit Auto offers vehicle inspection and valuation reports to financial institutions.
On the other hand, Nuvoco Vistas Corp's offer was subscribed 16% on Monday. The offer has received bids for 9.72 million equity shares against the IPO size of 62.50 million equity shares, the subscription data available on exchanges showed.
The company raised ₹1,500 crore from anchor investors on Friday. Retail investors portion was subscribed 31% of their reserved portion, and non-institutional investors portion was subscribed 1%, while qualified institutional buyers are yet to put in bids.
The ₹5000 crore Nuvoco Vistas' public issue comprises a fresh issue of ₹1,500 crore and an offer for sale of ₹3,500 crore by promoter Niyogi Enterprise. The proceeds from the issue will be utilised for repaying of debts.
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