Carraro India Limited, a technology-driven integrated supplier, is set to raise ₹1,250 Crore through an Offer for Sale of 177.55 lakh shares in its IPO, which opens on December 20, 2024, and closes on December 24, 2024. The price band for the IPO has been set at ₹668 to ₹704 per share, with a market capitalization of ₹4,002.34 Crore at the upper price band.

The IPO lot size is 21 shares, requiring a minimum investment of ₹14,784 for retail investors, while HNIs are required to invest a minimum of ₹2,06,976 for 14 lots.

As of December 20, 2024, the IPO subscription is at 0.06x on the first day, indicating slower investor demand. The Grey Market Premium (GMP) for the IPO is ₹0, suggesting no immediate listing gains.

IPO Objectives: Carraro India will not receive any proceeds from the Offer, as all proceeds will go to the promoter selling shareholders. The company’s key business operations include providing axles, transmission systems, and gears for the agricultural tractor and construction vehicle industries.

Company Financials: Carraro India has shown consistent revenue growth, with revenues of ₹9,227.39 million for the period ending September 30, 2024. The EBITDA for FY24 stands at ₹1,010.96 million, and the Profit After Tax (PAT) is ₹496.32 million. The pre-issue P/E ratio is 64.00x, which is higher than the industry P/E ratio of 56x, indicating that the IPO is fully priced.

IPO Allotment: The allotment date for Carraro India IPO is set for December 26, 2024, and investors can check their allotment status via the registrar’s website. The listing date is expected to be December 30, 2024, on both the BSE and NSE.

Given the valuation and the GMP indicating no immediate listing gains, the Carraro India IPO may not provide significant returns for investors looking for listing gains. We recommend investors approach this IPO with caution.

The Upcoming IPOs in this week and coming weeks are Solar91 Cleantech, Unimech Aerospace, Anya Polytech, Rosmerta Digital, Indo Farm, and Avanse Financial.

The Current active IPO is Ventive Hospitality, Senores Pharmaceuticals, Carraro India, Transrail Lighting, Mamata Machinery, DAM Capital, Sanathan Textiles, Concord Enviro, Newmalayan Steel, Identical Brain Studios.

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