CarTrade files for IPO to raise around Rs. 2,000 crores

CarTrade is the first auto classifieds marketplace in India to file an IPO.

CarTrade has filed for an initial public offer (IPO), becoming the first auto classifieds marketplace to do so in India. The company plans to raise around Rs. 2,000 crore via the IPO.

It is said that the company has filed its draft red herring prospectus (DRHP) with SEBI. There is no fresh issue of shares and the IPO consists of a pure offer for sale (OFS) of 12,354,811 equity shares.

CarTrade Tech Ltd. is backed by Temasek, Warburg Pincus, March Capital and JP Morgan among others. The IPO is expected to facilitate a partial exit for the company's investors.

Source: Money Control