CarTrade Tech makes tepid debut on D-Street; lists at over 1% discount

New Delhi: Shares of CarTrade Tech had a muted market debut on Friday, listing at a discount of over 1 per cent against its issue price of Rs 1,618.

The stock listed at Rs 1,600, falling 1.11 per cent from the issue price on BSE. As trade progressed, it tumbled 8.77 per cent to Rs 1,476.

On NSE, it made its debut at Rs 1,599.80, lower by 1.12 per cent.

The company's market valuation was at Rs 7,079.53 crore on BSE.

The initial public offer (IPO) of CarTrade Tech was subscribed 20.29 times earlier this month. The Rs 2,998.51-crore IPO was in a price range of Rs 1,585-1,618 per share.

Founded in 2009, CarTrade is backed by marquee investors -- Warburg Pincus, Temasek, JPMorgan, and March Capital.

The CarTrade platform allows customers to buy and sell used cars as well as new cars.

The firm is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands -- CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.