Carraro India Ltd's IPO Sees Subdued Subscription on Second Day

Carraro India Ltd's IPO was subscribed 22% on the second day, raising Rs 375 crore from anchor investors. With a price band of Rs 668-704 per share, the IPO will conclude on December 24. The total offer is Rs 1,250 crore as an offer for sale by Carraro International SE.

The initial public offering (IPO) of Carraro India Ltd experienced a modest uptake, with a subscription of 22% on its second day of trading, as revealed by the National Stock Exchange data.

Despite this tepid response, the company successfully raised Rs 375 crore from anchor investors earlier, lending a positive outlook to the share sale, which is priced between Rs 668 and Rs 704 per share. The offering, worth Rs 1,250 crore in total, is structured entirely as an offer for sale (OFS) by Carraro International SE, meaning proceeds will not benefit the company directly.

Established in 1997, with manufacturing facilities in Pune, Carraro India is renowned for producing high-quality axles and transmission systems for significant OEM customers in agriculture and construction, including illustrious names such as CNH, John Deere, and Mahindra & Mahindra.

(With inputs from agencies.)