Pune based Agricultural and Construction Equipments Company Carraro India files DRHP with SEBI for the proposed IPO; Key Details here

Carraro India is into Automobile Agricultural and Construction Equipments and is looking raise funds through Offer for Sale

Carraro India. Offer for Sale of Equity shares aggregating up to Rs.1811.652 crores IPO

Carraro India IPO: Carraro India limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 10 per share via initial public offering.

Promoters of Carraro India are Tomaso Carraro, Enrico Carraro, Carraro S.p.A. and Carraro International S.E. and holds 100% stake in the company.

Key Details:

• Initial Public Offer comprising of a Offer for Sale of Equity shares aggregating upto Rs1,811.65 crores.
• Axis Capital, BNP Paribas, Nuvama Wealth Management have been appointed as lead merchant bankers for the proposed IPO.
• It has appointed Link Intime India Pvt. Ltd. as Registrar and Share transfer Agent.
• Company is yet to finalize issue size and some other important details relating to the IPO.

Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Equity Sharesby Promoter selling shareholder include Dharmesh Anil Mehta who will offload Equity Shares aggregating upto Rs1,811.652 crores..

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Objects of the issue:
Company will not receive any proceeds from the Offer. The objects of the Offer are to (i) achieve the benefits of listing the Equity Shares on the Stock Exchange (ii) carry out the Offer for Sale (OFS).

About Company:
Established in 1997, Carraro India is a Automobile OEM supplier of engineering products and solutions. It supplies axles, transmission systems and gears of different HP ranges for off-highway vehicles in the agricultural tractor and construction vehicle sectors, as well as gears, shafts and ring gears for industrial and automotive vehicles. Company is promoted by Tomaso Carraro, Enrico Carraro, Italy based Carraro S.p.A. and Luxembourg based Carraro International S.E.

Company own and operate two manufacturing plants in Pune, Maharashtra, India with blended utilisation capacity of 89.9%/93.2% in FY24/FY23.

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About Industry:
According to Markets and Markets, the global and Indian off-highway markets encompass construction vehicles and agricultural equipment (including tractors) segments. Global sales of construction vehicles and agricultural tractors are projected to increase from 3,560,000 units in CY2023 to 4,640,000 units by CY2029. According to Markets and Markets, the agricultural tractors volume in India grew at CAGR of 5.9% from 804,000 units in CY2019 to 1,011,700 units in CY2023. The sales volume of construction vehicles in India increased at CAGR of 4.2% from 92,500 units in CY2019 to 109,000 units in CY2023 and is expected to grow at CAGR of 5.0% from CY2024 to CY2029.

Source: SEBI, BSE, NSE, DRHP, Carraro India, Industry Data

Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.