Carraro India IPO Day 1: Issue sees muted start, subscribed 0.06 times

Carraro India IPO: Subscription Details

(December 20, 2024, 1:55 p.m.)

Carraro India’s IPO was off to a weak start with muted demand across all investor segments.

The company has offered 37.42 lakh shares for qualified institutional buyers (QIBs), however, the portion had not received any bids. For non-institutional investors (NIIs), the company has reserved 28.06 lakh shares and the portion was subscribed 0.04 times with bids for 1.03 lakh shares.

The retail investor segment has 65.49 lakh shares on offer and was subscribed 0.11 times with bids for 7.02 lakh shares.

The issue was subscribed 0.06 times with bids for 8.06 lakh shares against 1.3 crore shares on offer.

On December 19, 2024, the company announced that it had raised ₹375 crore from anchor investors.

Carraro India: Lot Size and Price Band

The lot size for the Carraro India IPO is 21 shares. The price band for the IPO Is set at ₹668 to ₹704 per share. To apply to the Carraro India IPO, an investor will need to make a minimum investment of ₹14,784. The minimum lot size for small non-institutional investors and big non-institutional investors has been set at 14 lots and 68 lots, respectively

About Carraro India

Carraro India is a manufacturer of off-highway vehicle components which includes gears, tractors, and transmission systems. The company primarily focuses on construction and agricultural vehicles. The company has two manufacturing plants located in Pune.

Since the IPO consists entirely of an offer-for-sale component, the proceeds of the IPO will go to the selling shareholders.

The promoter group of the company includes Tomaso Carraro, Enrico Carraro, Carraro S.p.A, and Carraro International S.E. Following the IPO, the promoter group’s shareholding in the company will come down from 100% to 68.77%.

For the quarter ended September 30, 2024, the company’s net profit stood at ₹49.73 crore. The revenue for the quarter came in at ₹922.74 crore.