Carraro India IPO fully subscribed at 1.12 times on Day 3. Check GMP, other details

The initial public offering (IPO) of Carraro India managed to sail through on the final day of the issue, getting subscribed 1.12 times over the three-day period. The IPO is completely an offer for sale (OFS) worth Rs 1,250 crore. The issue closed on December 24.

Subscriptions from retail investors stood at 71%, while the non-institutional investors had subscribed by 60% times on the final day of bidding. The qualified institutional buyers (QIBs) oversubscribed the issue at 2.21 times.

Since the IPO is completely an offer for sale (OFS) of 1.77 crore shares, the entire proceeds will go to the selling shareholders.

Check Carraro India GMP

Notwithstanding a lacklustre show, Carraro India shares were trading at a premium of Rs 510 in the unlisted market. This translates into a grey market premium (GMP) of 65%.

Here is the price band for Carraro India IPO

Senores Pharma IPO is priced in the range of Rs 668-704 per share, where investors can bid for 21 shares in one lot and in multiples thereafter.

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Review of Carraro India IPO

Analysts advised investors to subscribe to the issue as the valuations appear favourable given its strong financial performance, solid market position, and positive industry trends.

"The company’s ability to maintain high growth rates, innovate, and adapt to changing market conditions positions it well for future success," said Bajaj Broking while recommending a subscribe for long term.

About Carraro India IPO

Carraro India specializes in the manufacturing of components ranging from small gears to complete tractor assemblies. The company designs, produces, and sells transmission systems—such as axles, transmissions, and drives—primarily for agricultural and construction off- highway vehicles.

Additionally, it manufactures a wide variety of gears for sectors including automotive, trucks, agriculture, and construction vehicles.

The company operates two manufacturing plants in Pune, Maharashtra: a driveline manufacturing facility covering 84,000 square meters and a gear manufacturing plant spanning 78,000 square meters.

The company's revenue from operations increased 4% from Rs 1,695 crore in FY23 to Rs 1,770 crore in FY24, primarily due to an increase in revenue from the sale of products. Profit after tax rose 29% to Rs 60.58 crore in the same period.

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When is the allotment and listing Date of Carraro India IPO?

Carraro India IPO opened up for public subscription on December 20 with the issue closing on December 24. Meanwhile, the allotment for the IPO is expected to be finalised on December 26 and the listing of shares will be on December 30.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)