Investors in Car Trade Tech, which provides a platform for consumers to buy and sell vehicles, have suffered a major setback. In fact, the company has a weak list in the stock market. This is bad news for investors who are looking to exit the company by making huge profits through the IPO.
Regarding the NSE index, the company is listed at Rs 1,599 per share, which is less than Rs 1,618 per share. On the BSE index, Cartrade shares fell 6 per cent with the listing. The company’s share price is below Rs 1510. In terms of market capitalization of the company, it is less than Rs 7,000 crore.
The IPO has received a good response: Let us tell you that Car Trade Tech’s initial public offering (IPO) was subscribed 20.29 times on the last day of subscription. According to the exchange data, bids were received for 26,31,74,823 shares in the three-day issue ended August 11, but 1,29,72,552 shares were traded. Eligible corporate buyers (QIBs) subscribed 35.45 times, while the share of non-institutional investors was subscribed 41 times. Retail Individual Investor (RII) quota increased 2.75 times.
Analysts surprised by the stock market flight, Sensex jumped 6000 points in 7 months
Formed in 2009, the company is backed by big investors like Warburg Pinkus, Temaske, JPMorgan and March Capital. The company provides customers with a platform to buy and sell used and new cars.