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Cyril Amarchand Mangaldas Advises CarTrade on its Initial Public Offering of INR 2999 Crores

Cyril Amarchand Mangaldas advised CarTrade Tech Limited (CarTrade) on Initial Public Offer (IPO) of the Company. This is the first IPO in the Indian auto E-commerce space. CarTrade, a multi-channel auto platform with coverage and presence across vehicle types and value-added services, is the only profitable automotive digital platform in India as on date and they are backed by marquee institutional investors including Warburg Pincus, Temasek, JP Morgan, and March Capital.

 

The Capital Markets Practice of Cyril Amarchand Mangaldas advised CarTrade on the Transaction. The transaction team was led by Yash Ashar, Partner & Head – Capital Markets; Vijay Parthasarathi, Partner; with support from Janhavi Manohar, Principal Associate; Tanvi Kini, Senior Associate; Chinar Gupta, Associate; and Sanyukta Saraf, Associate.

 

The IPO comprised of offer of upto 18,532,216 Equity Shares of face value INR 10 each for cash at a price of INR 1,618 per Equity Share aggregating to INR 29,985.13 million by the Selling Shareholders.

 

Other parties involved in the Transaction were:

Axis Capital Limited (Acted as Book Running lead Manager (BRLM) to the Issue)
Citigroup Global Markets India Private Limited (Acted as BRLM to the Issue)
Kotak Mahindra Capital Company Limited (Acted as BRLM to the Issue)
Nomura Financial Advisory and Securities (India) Private Limited (Acted as BRLM to the Issue)
IndusLaw (Acted as Indian Legal Counsel for BRLMs)
AZB & Partners (Acted as Indian Legal Counsel for Investor Selling Shareholders)
Sidley Austin LLP (U.S. Federal Securities Laws Counsel to the BRLMs)
The Transaction was signed on May 15, 2021 and was closed on August 20, 2021.

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