CarTrade is reportedly planning to file the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) within the next 10-15 days to go public. The company is gearing up for an initial public offering (IPO) in the coming weeks, according to a report by Mint.
The auto classifieds company is reportedly looking to bag around Rs 2000 crore with its IPO. The company is being advised by investment banks such as Citi, Nomura, Axis Capital and Kotak Mahindra Capital on the IPO.
CarTrade was founded in 2010 by Vinay Sanghi. The company runs an online auto classifieds platform that helps customers buy new or old cars. Customers can also sell their used cars on the platform. It is said to have sold over 1 million cars on its platform in 2020.
The company is backed by investors American private equity giant Warburg Pincus, Singapore’s state investor Temasek, JP Morgan and March Capital Partners. Besides CarTrade, the company also runs Carwale.com and Bikewale.com for trading two-wheelers.
It also runs Adroit, which provides additional services related to automobiles, including automobile inspection, valuation, certification, among others.
In January 2018, CarTrade also acquired Shriram Automall India Ltd, which deals in pre-owned commercial vehicles, including construction and industrial equipment and tractors and agricultural equipment.
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