The initial public offer (IPO) of Carraro India has faced a sluggish start, receiving bids for only 11.24 lakh shares, far short of the 1.30 crore shares on offer. According to stock exchange data as of 17:00 IST on Friday, December 20, 2024, the IPO was subscribed just 0.09 times on its first day of bidding.
The IPO, which opened for bidding on December 20, 2024, will close on December 24, 2024. The price band for the shares is set between Rs 668 and Rs 704, and investors can bid for a minimum of 21 equity shares, in multiples thereof.
The Carraro India IPO is a complete offer for sale, with the promoter Carraro International S.E. offering up to Rs 1,250 crore worth of shares. The promoters and the promoter group hold 100% of the company pre-offer equity, and their post-IPO shareholding is expected to be reduced to around 68.77%.
Carraro India had raised Rs 374.99 crore from anchor investors ahead of the IPO on December 19, 2024. The company allotted 53.26 lakh shares at Rs 704 each to 33 anchor investors.
Carraro India is a technology-driven firm specializing in the design and manufacture of transmission systems, including axles, transmissions, and drives, primarily for agricultural tractors and construction equipment. The company serves a range of off-highway vehicles, providing products for agricultural tractors, backhoe loaders, cranes, and other heavy machinery.
For the six months ending September 30, 2024, Carraro India reported a net profit of Rs 49.73 crore on sales of Rs 914.62 crore.
