Carraro India IPO: Rs 375 Crore Raised From Anchor Investors Ahead Of Subscription

Carraro India Ltd. has raised Rs 374.99 crore from anchor investors on Thursday, ahead of its initial public offering. The company allotted 53.26 lakh shares at Rs 704 apiece to 33 anchor investors.

A fund by Aditya Birla Sun Life Trustee Pvt, along with Amundi Funds New Silk Road, Manulife Global Fund, and HSBC Small Cap Fund got the highest allocation of 6.13%. UTI Transportations and Logistics Fund and Motilal Oswal Small Cap Fund and a fund run by Sundaram Mutual Fund also received 6.13% allotment. Kotak Mahindra Life Insurance Co., Bajaj Allianz Life Insurance Co. and Reliance Nippon Life Insurance Co. got the second highest allotment of 4%.

A total of 10 domestic mutual funds have applied through 18 schemes, the hospitality company said in an exchange filing on Thursday. They have collectively netted 51.47% of the anchor portion.

Societe Generale -ODI and Copthall Mauritius Investment were amongst the foreign investors that bought stake in the company.

Axis Capital Ltd, BNP Paribas, and Nuvama Wealth Management Ltd. were the book-running lead managers to the issue.

Carraro India will launch its initial public offering on Friday to raise up to Rs 1,250 crore. The company has set a price band of Rs 668-704 per share for its three-day IPO, that only comprises a fresh issue. The minimum application lot size is 21 shares.

After the IPO concludes on Tuesday, the company is expected to finalise the allotment of shares. Subsequently, it will be listed on the BSE and the National Stock Exchange.

Since the IPO comprises only an offer-for-sale, the company will not receive any portion of the proceeds.

Notably, Carraro India is a technology-driven integrated supplier specialising in developing complex engineering products and solutions for original equipment manufacturers.