CarTrade Tech made a tepid debut on the bourses Friday as the shares got listed at Rs 1,599.80 apiece on the National Stock Exchange, a discount of 1.12 percent to the issue price of Rs 1,618.
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The stock was listed at Rs 1,600 apiece on the BSE, down 1.1 percent from the issue price.
The initial public offering (IPO) of CarTrade had witnessed a strong subscription during August 9-11. The was subscribed 20.29 times in total. The three-day IPO received bids for 26,31,74,823 shares against 1,29,72,552 shares on offer, as per exchanges data.
The company raised Rs 2,998.51 crore through its public issue that was a complete offer for sale by existing selling shareholders.
The CarTrade platform allows customers to buy and sell used cars as well as new cars. The firm is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands -- CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.