December 21, 2024
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Carraro India IPO GMP grey market premium, review, Subscription, allotment, listing estimate @ Chanakyanipothi.com
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What is the latest news relating to Carraro India IPO?
The company has finalised its IPO schedule and now the IPO will open on 20 December and will close on 24 December. The listing is anticipated on 30 th December. Rs. 1250 Crore OFS IPO will have 35% of the offer reserved for retail investors.
Carraro India IPO Subscription Status
Carraro India IPO Subscriptions (Day 1)Price Rs. 704 Lot 21 shares, Net Rs. 1250.00 Crore |
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| QIB | B HNI X | S HNI X | NII X | RII X | Total X |
| 0.00 | 0.04 | 0.10 | 0.06 | 0.16 | 0.09 |
| Applications: 38,626 / (?x) Amount wise Bids recd. Rs. ? Crore |
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Carraro India IPO Allotment Link:
We will provide allotment link, once the allotment is finalised.
Who are the promoters of Carraro India IPO?
TOMASO CARRARO, ENRICO CARRARO, CARRARO S.p.A. AND CARRARO INTERNATIONAL S.E. are the promoters of the company.
What are the Objects of Carraro India IPO?
The Offer comprises only of an Offer for Sale by the Selling Shareholders and all proceeds will go to the Selling Shareholders.
A Note on the business of Carraro India?
Carraro India is a technology driven integrated supplier that develops complex engineering products and solutions for its original equipment manufacturer (“OEM”) customers. It is an independent tier 11 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.
It supports the full value chain of services as a solution provider for axles, transmission systems, gears and other related components with in-house product design manufacturing capabilities. Its Promoter, Carraro S.p.A., is the parent company of the Carraro Group which designs, manufactures and sells transmission systems (axles, transmissions and drives) mainly for agricultural and construction equipment for off highway vehicles, in addition to marketing a wide range of gears for diverse sectors, from automotive to trucks to agricultural and construction vehicles. The Carraro brand is owned by Carraro S.p.A. and licensed to the Indian Company, pursuant to a licensing agreement with Carraro S.p.A. According to the Markets and Markets Report, the Company was among the pioneers to enter the agricultural tractor and construction vehicle component market with its dedicated R&D team and center.
It has been present in India for 27 years and has developed an extensive network with local and international customers and suppliers based in India. As an early-mover, it has had more time than its competitors to understand the market, identify customer needs and develop lasting customer relationships. As a result of its customized products, it believes its customers are subject to high switching costs in case of a change of manufacturer.
It primarily manufactures axles and transmission systems for agricultural tractors and construction vehicles such as backhoe loaders, soil compactors, cranes, self-loading concrete mixers and small motor graders. It provides a diverse range of products including axles and transmission systems 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.
For more information, click: www.carraroindia.com
Carraro India IPO GMP grey market premium, review, Subscription, allotment, listing estimate
Carraro India IPO Details |
|
| IPO opens on | 20 December 2024 |
| IPO closes on | 24 December 2024 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 17755682 Shares / Rs 1250 Crore |
| * Fresh Issue | – |
| * Offer for Sale | 17755682 shares/ Rs.1250 Crore |
| Face Value per share: | Rs. 10 |
| Price Band | Rs. 668-704 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 21 Shares |
| Listing will at | BSE, NSE |
| Shares offered in Carraro India? | Shares | Rs. in Crore |
| QIB (50 %) | 8877841 | 625 |
| NII (15 %) | 2663352 | 187.50 |
| RII (35 %) | 6214488 | 437.50 |
| Employees | – | – |
| Total Shares | 17755682 | 1250 |
| Retail portion oversubscribed by | 295928 Forms. | |
| How to apply in Carraro India IPO? |
Amount Rs. |
|
| Min Retail Appli | 21 | 14784 |
| Max Retail Appli | 273 | 192192 |
| Small HNI (Min) application | 294 | 206976 |
| Small HNI (Max) application | 1407 | 990528 |
| Big HNI Application | 1428 | 1005312 |
What is the timetable of
|
|
| IPO opens on | 20 December 2024 |
| IPO Closes on | 24 December 2024 |
| IPO Allotment on | 26 December 2024 |
| Unblocking of ASBA | 27 December 2024 |
| Credit of Shares | 27 December 2024 |
| Listing on | 30 December 2024 |
| Registered Office of the company | |
| B2/2 MIDC, Ranjangaon, Pune 412 220, Maharashtra, India |
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| Who are the Lead Managers of Carraro India IPO? Axis Capital Limited BNP Paribas Nuvama Wealth Management Limited |
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| Registrar to IPO | |
| Link Intime India Pvt ltd |
Carraro India IPO
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| Year | Total Income | Net Profit | EPS | RoNW |
| Rs. in Cr | Rs.in Cr | Rs. | % | |
| 2021-22 | 1504 | 20.77 | 3.65 | 6.86 |
| 2022-23 | 1715 | 46.80 | 8.23 | 13.53 |
| 2023-24 | 1788 | 60.58 | 10.66 | 15.73 |
| Book Value of the Share on 31.03.2024 |
Rs. | 67.75 | ||
| BV after the IPO | Rs. | ? | ||
| Offer Price at Cap | Rs. | 704 | ||
| Carraro India IPO Ratio Analysis |
|
| Price /EPS | 66.04 |
| Price/Book Value Ratio | 10.39 |
| Price/BV after IPO | ? |
How Carraro India IPO compares with the Peers?
Peer Comparison.
| As on the date of DRHP | FV | Total | PE |
| Rs. | Income | Ratio | |
| Rs. In Crore | |||
| Carraro India | 10.00 | 66.04 | |
| Escorts Kubota | 10 | 43.21 | |
| Schaeffler India | 2 | 74.22 | |
| Sona BLW | 10 | 76.93 | |
| Ramkrishna Forging | 2 | 42.82 | |
| Happy Forgings | 2 | 47.08 |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Carraro India IPO Review by Paresh Gordhandas CA & Research Analyst
Carraro India Limited is a leading player in non-captive transmission systems for agricultural and construction vehicles, benefiting from strong Original Equipment Manufacturer (OEM) relationships with Mahindra, TAFE, and Escorts. The company’s innovative product portfolio, coupled with its export-driven diversification, positions it well to capitalize on emerging trends such as electrification.
Despite these strengths, Carraro India faces several challenges, including sluggish revenue growth, low margins (EBITDA: 7.4%, NPM: 3.5%), and weaker return ratios (RoE: 17.7%, RoCE: 19.4%) when compared to industry peers. Its Price-to-Earnings (P/E) ratio of 64.0x raises concerns about overvaluation, especially considering the company’s smaller scale and lower profitability. Additionally, its reliance on cyclical markets and a single manufacturing base introduces operational risks.
While Carraro India maintains a solid market presence, the concerns over valuation and operational inefficiencies suggest a more cautious outlook. As a result, we assign a NEUTRAL rating to the company.
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