Fri Dec 20 15:38:35 UTC 2024: ## Carraro India IPO Opens, Priced at ₹668-704 Per Share

**New Delhi, December 20, 2024** – Carraro India Ltd.’s initial public offering (IPO) opened today, offering 1.78 crore shares at a price band of ₹668-704 per share. The IPO, entirely an offer for sale (OFS), will close on December 24th. The company, a manufacturer of transmission systems for off-highway vehicles, successfully raised ₹375 crore from anchor investors, including prominent names like Kotak Mahindra Life Insurance, Bajaj Allianz Life Insurance, and several mutual fund houses.

The IPO, valued at ₹1,250 crore, has allocated 53.27 lakh equity shares to 33 funds at ₹704 per share. Retail investors must bid for a minimum of 21 shares (₹14,784), while the allocation for other investor categories is 14 lots for NII and 68 for bNII. The offer is divided with 50% reserved for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.

Allotment is expected on December 26th, with refunds to unsuccessful applicants beginning December 27th. Shares are projected to be credited to demat accounts on the same day, and listing on the BSE and NSE is anticipated on December 30th. Interestingly, despite the IPO, there has been no significant grey market premium (GMP), suggesting a potential listing at the issue price.

Carraro India, a subsidiary of Carraro S.p.A., boasts a strong track record, with revenue from operations increasing by 4.44% to ₹1,770.45 crore and profit after tax surging 29.44% to ₹60.58 crore in 2023-24. The company serves major clients in both Asia and internationally, including International Tractors Ltd, Escorts Kubota, and John Deere India. Axis Capital Ltd, BNP Paribas, and Nuvama Wealth Management Ltd are the book-running lead managers.

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