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Carraro India IPO

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IPO Details

Bidding Dates

20 Dec '24 - 24 Dec '24

Minimum Investment

₹14,784/ 1 Lot (21 Shares)

Price Range

₹668 - ₹704

Maximum Investment

₹1,92,192/ 13 Lot (273 Shares)

Retail Discount

Not Applicable

Issue Size

₹1250.00 crore

Investor category and sub category

Retail Individual Investors (RII)  |  Non-institutional Investors (NII)  |  Qualified Institutional Buyers (QIB)

Carraro India IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Dec 20, 24

IPO Closing Date

Dec 24, 24

Basis of Allotment

Dec 26, 24

Initiation of Refunds

Dec 27, 24

IPO Listing Date

Dec 30, 24

About Carraro India IPO

Carraro India IPO, valued at ₹1,250 crore, is a book-built issue entirely comprising an offer for sale of 1.78 crore equity shares. The IPO opens for subscription on December 20, 2024, and closes on December 24, 2024. Investors eagerly anticipating this public offering should note its price band, set at ₹668 to ₹704 per share.

For retail investors, the minimum application size is 21 shares, requiring an investment of ₹14,784. Small Non-Institutional Investors (sNII) need to apply for at least 14 lots, costing ₹2,06,976, while Large Non-Institutional Investors (bNII) must invest in a minimum of 68 lots, amounting to ₹10,05,312.

The allotment date is scheduled for December 26, 2024, and the listing on BSE and NSE is anticipated to happen on December 30, 2024. Axis Bank Limited, BNP Paribas, and Nuvama Wealth Management Limited are managing the issue, with Link Intime India Private Ltd serving as the registrar.

To learn more about Carraro India IPO and its potential, reviewing the RHP is highly recommended for detailed insights into the company and its offerings.

Industry Outlook

  • Sales of agricultural tractors and construction vehicles in India are projected to grow by 5.3% from CY2023 to CY2024, driven by factors such as farm mechanisation, infrastructure development, and favourable government policies. Agricultural tractors dominate with a 90% market share due to their critical role in farming, while construction vehicles hold the remaining 10%, supported by ₹10 lakh crore allocated to infrastructure in the 2023–24 budget.
  • The ₹27 lakh crore investment under the National Infrastructure Pipeline (NIP) by FY2025 and ₹7 lakh crore worth of road and highway projects over the next 2–3 years are expected to significantly increase the demand for construction vehicles.

Carraro India Limited IPO Objectives 

Carraro India Limited will not receive any proceeds from the offer; all proceeds go to the promoter selling shareholders after covering the offer related expenses and taxes.

About Carraro India Limited

Carraro India Limited is a technology-driven supplier specialising in axles, transmission systems, and gears for the agricultural tractor and construction vehicle industries in India. The company, established in 1997, caters to original equipment manufacturers (OEMs) and supports the entire value chain, offering in-house design and manufacturing capabilities. 

With 27 years of presence in India, it has built a strong network of customers and suppliers, both locally and internationally. The company operates as an independent Tier II solution provider, delivering mission-critical products that are integral to its customers' final offerings, including axles and transmission systems for vehicles like backhoe loaders, cranes, and compactors. 

Carraro India Limited also manufactures gears, shafts, and ring gears for industrial and automotive markets. Leveraging the expertise of its parent company, Carraro S.p.A., the company benefits from advanced research and development capabilities. The Pune R&D centre, established in 2006, focuses on designing and developing components for agricultural and construction vehicles. In 2023, Carraro S.p.A. transferred exclusive intellectual property rights for certain products customised for the Indian market to the company.

With a strategic acquisition of Carraro Technologies India Private Limited (CTIPL) in 2024, the company strengthened its R&D capabilities and expanded its engineering expertise.

How To Check the Allotment Status of the Carraro India IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for a Carraro India IPO online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Carraro India IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Carraro India Limited 

Registered office: B2/2 MIDC, Ranjangaon, Pune 412 220, Maharashtra, India

Email: company_secretary@carraroindia.com

Phone:  +91 2138 662666

Carraro India IPO Reservation

Investor Category

Shares Offered

QIB Shares Offered

Not more than 50% of the offer

Retail Shares Offered

Not less than 35% of the offer

NII (HNI) Shares Offered

Not less than 15% of the offer

Carraro India IPO Lot Size Details

Application

Lots

Shares

Amount

Retail (Min)

1

21

₹14,784

Retail (Max)

13

273

₹1,92,192

S-HNI (Min)

14

294

₹2,06,976

S-HNI (Max)

67

1,407

₹9,90,528

B-HNI (Min)

68

1,428

₹10,05,312

Carraro India IPO Promoter Holding

The company's Promoters are Tomaso Carraro, Enrico Carraro, Carraro S.p.A and Carraro International S.E.

Shareholding Pre Issue

100.00%

Shareholding Post Issue

68.77%

Key Performance Indicators for Carraro India IPO

As of March 31, 2024, the KPIs of Carraro India:

KPI

Values

ROE

17.69%

ROCE

19.35%

Debt/Equity

0.58

RoNW

16.92%

PAT Margin

3.50

Price Metrics

Metric

Pre-IPO

Post-IPO

P/E (x)

63.97

40.24

EPS (₹)

11.00

17.50

Note: The Pre-IPO EPS is based on the company’s shareholding as of the RHP date and earnings for the financial year ending March 31, 2024. The Post-Issue EPS is calculated using post-issue shareholding and annualised earnings for the period ending September 30, 2024, as stated in the RHP.

Carraro India IPO Prospectus

Carraro India IPO Registrar and Lead Managers

Carraro India IPO Lead Managers

  • Axis Bank Limited 
  • Bnp Paribas 
  • Nuvama Wealth Management Limited

Registrar for Carraro India IPO

Link Intime India Private Limited 

  • Contact Number: +91-22-4918 6270
  • Email Address: carraro.ipo@linkintime.co.in

Website: Carraro India IPO Registrar

IPO FinancialsFinancial Performance of Carraro India Limited

ParticularsYear ending on March 31, 2024Year ending on March 31, 2023
Revenue from Operations (in ₹ million)17,889.6517,131.45
Profit After Tax(in ₹ million)625.63 484.59
Total Borrowings (in ₹ million)2,125.46 1,883.30
Return on Net Worth (%)16.92 14.36
Earnings Per Share (“EPS”) (₹)11.018.52
Net Worth (in ₹ million)3,698.19 3,373.76
Return On Capital Employed (%)19.35 16.30

Know before investing

Strengths

8
  1. Carraro India Limited is a leading supplier of axles and transmission systems.

  2. Strong customer base with longstanding relationships in agricultural and construction markets.

  3. Proprietary R&D capabilities drive innovation in mission-critical driveline components.

  4. Carraro India’s two plants in Pune offer advanced manufacturing capacities.

  5. Stable management team with over 11.3 years of collective experience.

  6. Expansion strategy focused on securing market position and increasing market share.

  7. Future-ready solutions targeting electric vehicle adoption in tractor and construction markets.

  8. Plans to enhance production and localisation efforts for cost optimisation and efficiency.

Risks

8
  1. Heavy reliance on top customers, contributing 69.55% of revenue.

  2. Dependence on Carraro Group for sourcing, procurement, and operations support.

  3. Related party transactions may involve significant capital with uncertain returns.

  4. Seasonal agricultural tractor business leads to potential fluctuations in revenue.

  5. Competition within the Carraro Group could lead to conflicts of interest.

  6. Vulnerability to market conditions in the tractor and construction vehicle sectors.

  7. Lower EBITDA and PAT margins compared to industry peers in 2024.

Carraro India Limited Peer Details

Company NameEPS (Basic)NAV (per share) (₹)P/E (x)RoNW (%)
Carraro India Limited111165.0516.92
Escorts Kubota Limited96.896.64830.4511.43
Schaeffler India Ltd57.557.5307.4418.71
Sona BLW Precision Forgings Limited8.838.8347.7518.49
Happy Forgings Limited26.7826.75171.1715.07
Action Construction Equipment Ltd.27.5627.56307.4426.69
Ramakrishna Forgings Limited20.2720.09148.4812.72
  • How to Apply in IPO
  • How to Check IPO Allotment Status
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Login to Angel One App / Website & click on IPO

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Select desired IPO & tap on "Apply"

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Enter UPI ID, set quantity/price & submit

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Accept mandate on the UPI app to complete the process

Carraro India IPO FAQs

Carraro India IPO is a book-built issue IPO. It will be open from December 20, 2024, to December 24, 2024.
The Basis of Allotment will happen on Thursday, December 26, 2024. 
The IPO subscription window will open on December 20, 2024.
The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 21 shares.
The listing date for Carraro India Limited is Monday, December 30, 2024.
The issue size of the Carraro India IPO is up to ₹1,250 crore, with a complete offer for sale of ₹1,250 crore.
  1. The open and close dates for Carraro India IPO are from December 20, 2024, to December 24, 2024.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange. 
  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
To read Carraro India's financial statements, download the IPO’s  RHP document.
Pre-apply allows investors to apply for the  Carraro India  IPO two days before the subscription period opens, ensuring an early submission of your application.
Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.
You will receive a notification once your order is successfully placed with the exchange after the bidding starts.
Link Intime India Private Limited is the registrar responsible for managing the IPO allotment process and handling investor queries.
The Carraro India Limited IPO is proposed to be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
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