Carraro India, an agricultural and construction equipment manufacturer, experienced a negative debut on the stock exchanges on Monday, December 30, 2024. On BSE, Carraro India shares were listed at ₹660 per share, marking a 6.25% discount compared to the IPO issue price of ₹704. On the National Stock Exchange (NSE), Carraro India shares opened at ₹651 each, reflecting a 7.53% discount over the issue price.
The Carraro India IPO consisted entirely of an offer for sale by the promoter, Carraro International S.E., which divested up to 1,77,55,680 equity shares, estimated to be worth around ₹1,250 crore. The public offering was priced in the range of ₹668-704, with a lot size of 21 shares.
The IPO, which opened on December 20, 2024, and closed on December 24, 2024, was oversubscribed by 1.12 times.
Carraro India will not receive any proceeds from the offer for sale. Instead, the proceeds will go to the Promoter Selling Shareholder after deducting offer-related expenses and relevant taxes, which will be borne by the promoter.
Carraro India manufactures key components for agricultural and construction equipment. The company designs and produces transmission systems and gears for various sectors. It operates two manufacturing plants in Pune, Maharashtra, covering a total area of around 162,000 square meters. Carraro India produces axles and transmission systems for agricultural tractors and construction vehicles, supported by a network of 220 local suppliers and 58 international suppliers.
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Published on: Dec 30, 2024, 10:29 AM IST
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