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Subscribe to CarTrade Tech: Choice Equity Broking

Choice Equity Broking has come out with its report on CarTrade Tech. The research firm has recommended to ''Subscribe'' the ipo in its research report as on August 05, 2021.

August 06, 2021 / 02:44 PM IST
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Choice Equity Broking IPO report on CarTrade Tech

Online auto classified platform CarTrade Tech Ltd. (CarTrade), is coming up with an IPO to raise up to Rs. 3,000cr, which opens on 9th Aug. and closes on 11th Aug. 2021. The price band is Rs. 1,585 – 1,618 per share. The issue only has OFS portion, thus the company will not receive any proceeds from this IPO. In Apr. 2021, the company executed private placement of shares, which were at discounts to the offer price. Also few of the warrants were converted into shares, which were at significant discount to the offer price.

Valuation and Outlook

At higher price band of Rs. 1,618, CarTrade is demanding an EV/Sales multiple of 26.6x, which we feel is attractive considering its scalable business model, profitable operations and business growth opportunities in the auto sector value chain. Thus we assign a “SUBSCRIBE” rating for the issue.

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