Car Trade IPO is one of the much-awaited public debuts in the Indian stock market. It will open on 9th August for the subscription.
Here is what you should know about Car Trade Tech and its IPO:
Car Trade’s Rs 2,998.51 crore initial public offering(IPO) subscription will begin next week on ninth August 2021. It will remain open for three days up to 11 August 2021 for bidding. There are already positive talks in the grey market related to Car Trade IPO. Today, you can buy Car Trade shares at a premium of Rs 475 that is Rs 35 higher than yesterday.
Car Trade Tech’s management body has also fixed a share band price from Rs 1585 to Rs 1618. It indicates that the grey market is expecting a surge of 30% within 4 days before subscription starts.
The share allotment of the Car Trade IPO may start on the seventeenth of August 2021. The startup has decided that bidders will apply in lots. One lot of the public issues will carry nine shares of the firm.
The startup will allow a trader to apply for a minimum of one lot and a maximum of 13 lots of the public issue. That means, a minimum investment of ₹14,562 [ ₹1618 x 9] and maximum ₹1,89,306 [( ₹1618 x 9) x 13] is permitted on public issue.
Car Trade Grey Market Premium and Public Listing
On Wednesday, the grey market premium(GMP) of the Car Trade share increased from Rs 440 to Rs 460. On Thursday, Car Trade IPO GMP today is ₹475, which is around ₹35 higher. Grey Market experts believe that GMP will further surge by the weekend since IPO subscription starts on Monday.
The Grey market or dark market is the trade of commodities through private distribution channels that are neither approved by the firm nor authorized by the trading officials. It is also known as a parallel market. There is no control of Sebi, BSE, or NSE on such a private market.
Car Trade’s share listing on National Stock Exchange(NSE) and Bombay Stock Exchange(BSE) may take place around 23rd August 2021.
As per the Red Herring Prospectus (RHP) of Car Trade IPO, it will be a ‘Book Build Issue’ in nature with a face value of ₹10 per equity share. Link Intime India Private Ltd is the official registrar of Car Trade’s public issue.
Founded in 2009 by Vinay Sanghi, Car Trade is an online automobile firm that helps its customers in buying and selling new and used vehicles. CarWale, Shriram Automall India Ltd, and Adroit Technical Services Pvt. Ltd. are the subsidiaries of Car Trade.
