CarTrade Tech IPO Subscribed 20 Times On Final Day Of Issue

CarTrade Tech shares were in high demand among the non-institutional investors as portion reserved for them was subscribed 32.48 times.

CarTrade Tech's Rs 3,000 crore share sale via initial public offering (IPO) was subscribed 20.29 times by final day of the subscription, data from the National Stock Exchange showed. CarTrade Tech received a total of 26.31 crore bids for 1.29 crore shares on the offer. A total of 1.35 crore bids were received at the cu-toff price. CarTrade Tech shares were in high demand among the non-institutional investors as portion reserved for them was subscribed 32.48 times. Portion reserved for the Qualified Institutional Buyers was subscribed nearly 19 times out of which Foreign Institutional Investors placed bids for 4.33 crore shares and Domestic Financial Institutions (Banks, Financial Institutions and Insurance Companies) made bids for 1.88 crore shares. The portion reserved for QIBs contained 37.06 lakh shares, NSE data showed. Portion for retail investors was subscribed 1.41 times. CarTrade Tech's IPO was an offer for sale wherein its marquee existing investors, including the likes of Warburg Pincus, Temasek and JP Morgan sold shares in the three-day share sale which ended on August 11. The company sold shares in the price band of Rs 1,585-1,618 per share.