Ashish Chauhan, MD & CEO, NSE, Tomaso Carraro, Vice Chairman, Carraro Group, Walter Ferrara, Consul General of Italy, Balaji Gopalan, Managing Director, Carraro India at the listing at NSE.
IPO is pivotal, as the Indian market advancing technologically, especially in the agriculture sector, said the management.
MUMBAI, Dec 30 (The CONNECT) – Shares of Carraro India Limited listed Rs 660 per share on BSE and Rs 651 per share on NSE. The company’s share price closed at Rs 636.3 per share on the BSE, and at Rs 637.50 per share.
As per NSE, the total quantity traded stood at 27.52 lakh shares, on BSE the total Quantity stood at 3 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 198.92 crore.
The Market Capitalization of the Company at today’s closing price stood at Rs. 3617.46 Crore as per BSE and Rs. 3624.29 Crore as per NSE.
The issue received bids of 1,46,18,226 shares against the offered 1,30,98,803 equity shares, at a price band of ₹668-704, according to the data available on the stock exchanges.
Tomaso Carraro, Vice Chairman, Carraro Group conveyed his heartfelt gratitude to investors.
Balaji Gopalan, Managing Director, Carraro India said, the timing of our IPO is pivotal, “as we see the Indian market advancing technologically, especially in the agriculture sector”. To address food security and climate challenges, the industry is shifting from lower horsepower two-wheel drive tractors to higher horsepower four-wheel drive models, which offer better efficiency and productivity.
Carraro Group India was advised by Rothschild & Co. as a financial advisor. The company (Carraro India) had offered Rs 1,250 crore issue for subscription from December 20 to December 24. This garnered substantial interest, and the offer was subscribed 1.18 times. Qualified Institutional Buyer and Non-Institutional Investors Portion was subscribed 2.33 times and 0.63 times respectively. Retail Portion was subscribed 0.75 times.
Established in 1997, Carraro India, a subsidiary of Carraro S.p.A, began its manufacturing journey with transmission systems in 1999 and axles in 2000. The company started its operations using IP rights licensed from other entities within the Carraro Group and specializes in complex engineering products and solutions for original equipment manufacturer (OEM) customers. It serves as an independent tier 1 provider, concentrating on axles and transmission systems for agricultural tractors and construction vehicles.
The company’s products are crucial components of its customers’ final products, including various off-highway vehicles, gears, shafts, and ring gears for industrial and automotive vehicles. Its product offering includes axles and transmission systems for a range of agricultural tractors and construction vehicles, including backhoe loaders, soil compactors, cranes, self-loading concrete mixers, and small motor graders.
The Carraro Group are one of the leading independent tier 1 suppliers of transmissions systems and a key supplier of axles in the agricultural tractor and construction vehicle industries in India. Additionally, it has established itself as the market leader in providing transmission systems for tractors up to 150HP and four-wheel drive capabilities.
