New Delhi, Aug 9 (PTI) The initial public offer of online auto classified platform CarTrade Tech was subscribed 41 per cent on Monday, the first day of subscription.

The Rs 2,998.51-crore IPO received bids for 53,00,406 shares against 1,29,72,552 shares on offer, as per exchanges data.

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Retail individual investors (RIIs) category was subscribed 80 per cent, non-institutional investors 3 per cent and Qualified Institutional Buyers (QIBs) 1 per cent.

The initial public offer is of up to 18,532,216 equity shares and is in a price range of Rs 1,585-1,618 per share.

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CarTrade Tech on Friday said it has raised Rs 900 crore from anchor investors. Founded in 2009, CarTrade is backed by marquee investors -- Warburg Pincus, Temasek, JPMorgan, and March Capital.

The CarTrade platform allows customers to buy and sell used cars as well as new cars.

The firm is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands -- CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.

Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company and Nomura Financial Advisory and Securities (India) are the managers of the offer.

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