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CarTrade Tech makes a weak debut in stock markets, lists at over 1% below issue price

CarTrade Tech shares listing: The CarTrade Tech scrip got listed at Rs 1,599.80 apiece on the National Stock Exchange (NSE), thereby registering a dip of 1.12 per cent from its offer price of Rs 1,618.00.

By: Express Web Desk | New Delhi |
Updated: August 20, 2021 10:46:27 am
CarTrade IPO, CarTrade IPO price, CarTrade IPO GMPFounded in 2009, CarTrade is backed by marquee investors -- Warburg Pincus, Temasek, JP Morgan, and March Capital. The CarTrade platform allows customers to buy and sell used cars as well as new cars. (Representative image, express photo by Narendra Vaskar)

CarTrade Tech share price: The shares of online auto classified platform CarTrade Tech made a weak debut on the stock exchanges today listing at over 1 per cent lower than their issue price.

The scrip got listed at Rs 1,599.80 apiece on the National Stock Exchange (NSE), thereby registering a fall of 1.12 per cent from its offer price of Rs 1,618.00, while on the BSE, it opened at Rs 1,600.00, down 1.11 per cent from the issue price.

The stock slipped further from its opening rates and touched an intraday low of Rs 1,481.00 on NSE and Rs 1,481.55 on the BSE so far during the first half-hour of trade.

At 10:30 am, the scrip was trading at Rs 1,506.95 on the BSE, down 6.86 per cent from the issue price while on NSE it was at Rs 1,510.80.

Over 61.93 shares of CarTrade Tech were traded on the NSE during the first 30 minutes of trade, while over 2.29 lakh shares exchanged hands on the BSE, data from the respective stock exchanges showed.

The Rs 2,999 crore IPO of the online auto classified platform met a robust demand during its offer period from August 9-11. The issue was subscribed 20.29 times.

Through its platform, the company 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, CarTrade Exchange, Adroit Auto and AutoBiz.

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