The Initial Public Offering of Carraro India was subscribed only 0.22 times on the second day of bidding. Carraro hit the primary market targeting ₹1,250 crore at a price band of ₹668-704. The IPO that opened on Friday will close today.
The entire issue is offer-for-sale by Carraro International S E, with no fresh issue component.
The issue received bids of 28,80,696 shares against the offered 1,30,98,803 equity shares, according to the data available on the stock exchanges.
Retail Portion and Non-Institutional Investors Portion were subscribed 0.35 times and 0.20 times respectively, whereas Qualified Institutional Buyer Portion is still to see traction. A day before the opening of the issue, Carraro India Ltd raised ₹375 crores from anchor investors.
Foreign and Domestic Institutions who participated in the anchor included Aditya Birla Mutual Fund, Amudi Fund New Silk Road, Manulife Global Mutal Fund, Master Trust Bank of Japan, HSBC Mutual Fund, UTI Mutual Fund, Motilal Oswal Mutual Fund, Sundaram Mutual Fund, Edelweiss Mutual Fund, Kotak Mahindra Life Insurance Company, Bajaj Alliance Life Insurance Company, LIC Mutual Fund, Bank of India Mutual Fund, Reliance Nippion Life Insurance Company Ltd., Tata AIA Life Insurance Company Ltd., SBI General Insurance Company Ltd., Nuvama Private Investment Trust, JM Financial Mutual Fund, Trust Mutual Fund, ApaH Capital Master Fund, Copthall Mauritius Investment Ltd., Societe Generale.
Axis Capital Limited, BNP Paribas, and Nuvama Wealth Management Limited are the book-running lead managers, and Link Intime India Private Limited is the registrar of the issue.
Company Information
Established in 1997, Carraro India, a subsidiary of Carraro S.p.A, began its manufacturing journey with transmission systems in 1999 and axles in 2000.
The company started its operations using IP rights licensed from other entities within the Carraro Group and specializes in complex engineering products and solutions for original equipment manufacturer (OEM) customers. It serves as an independent tier 1 provider, concentrating on axles and transmission systems for agricultural tractors and construction vehicles.
The company’s products are crucial components of its customers’ final products, including various off-highway vehicles, gears, shafts, and ring gears for industrial and automotive vehicles.
Its product offering includes axles and transmission systems for a range of agricultural tractors and construction vehicles, including backhoe loaders, soil compactors, cranes, self-loading concrete mixers, and small motor graders.
Also read: IPO News Highlights: Mamata Machinery, DAM Capital, Transrail Lighting, Concord Enviro Systems and Sanathan Textiles IPOs closing today
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Published on December 24, 2024
https://www.thehindubusinessline.com/markets/carraro-india-ipo-enters-last-day-on-slowtrack/article69021468.ece
