Stock market today: Meeting the market estimates, Carraro India’s share price is listed on the Indian stock market at a discounted price. Carraro India’s share price had a discounted opening on the BSE at ₹660 apiece, ₹44 per share or 6.25% lower than the upper price band of ₹704 apiece. Likewise, Carraro India shares are listed on the NSE at ₹651 per share, ₹53 or 7.53% lower than the upper price band.
Carraro India IPO details
By the close of bidding on Tuesday, Carraro India Ltd’s IPO had been subscribed to 1.12 times. The portion reserved for qualified institutional buyers (QIBs) saw a subscription rate of 2.21 times, while the retail individual investors (RIIs) segment garnered 71 per cent of subscriptions. Non-institutional investors accounted for 60 per cent of the subscriptions.
Founded in 1997, Carraro India Ltd specializes in producing components ranging from tiny gears to full tractor assembly.
According to the red herring prospectus (RHP), the company’s listed peers include Escorts Kubota, which has a P/E ratio of 43.21, Schaeffler India at 74.22, Sona BLW Precision Forgings with a P/E of 76.93, Ramakrishna Forgings at 42.82, Happy Forgings with 47.08, and Action Construction Equipment with a P/E of 50.56.
Launched at a price band of ₹668 to ₹704 per equity share, Carraro India IPO reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
Axis Bank Limited, BNP Paribas, and Nuvama Wealth Management Limited were the book-running lead managers for the Carraro India IPO, and Link Intime India Private Ltd served as the registrar.
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