On 9th August 2021, the company opened its Initial Public Offering(IPO) with a Rs 2,999 crore issued amount and Rs10 face value per share. The firm desired to raise Rs2,998.51 crore at the top end of the price range of Rs1,585-1,618 per share The offer, which ended on August 11, 2021, was completely an OFS of 18,532,216 equity shares in which CMDB II (22.64 lakh equity shares), Highdell Investment Ltd (84.09 lakh shares), Macritchie Investments Pte Ltd (50.76 lakh shares), and Springfield Venture International (17.65 lakh shares) unloaded a portion of their holdings.
The price of CarTrade Tech's shares has decreased by more than 59% since they were first issued in August of last year. CarTrade, like Paytm, hasn't ever climbed above the price of its initial public offering of Rs1,618.
Decline in Car Trade's stock can be attributed to the following points:
1.The organization has not generated a profit in the first two-quarters of FY22 due to weak earnings.
2. Furthermore, the Company has been lagging behind its rivals in terms of investments in expansion. Rivals such as CarDekho, Cars24, Spinny and Olx seem to be investing much more significantly in expansion.
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