CARRARO INDIA LIMITED
Bookbuilding IPO · NSE, BSE
- Price band
- ₹668 - ₹704
- Lot size
- 21 shares
- Issue amount
- ₹1,250 cr
- Total subscription
- 1.12×
- Opens
- 20 Dec 2024
- Closes
- 24 Dec 2024
- Allotment
- 26 Dec 2024
- Listing
- 30 Dec 2024
Offer at a glance
Issue overview
- Issue size
- 1,77,55,680 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,028
- Fresh issue
- ₹1,250 cr
- Offer for sale
- ₹1,250 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,784
- Issue type
- Bookbuilding IPO
- Shares before issue
- 5,68,51,538
- Shares after issue
- 5,68,51,538
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 1 | 21 | ₹14,784 |
| sHNI | 14 | 294 | ₹2,06,976 |
| bHNI | 68 | 1,428 | ₹10,05,312 |
Share reservation
Subscription & GMP
Subscription by category
Missing multiples are calculated from bids and offered shares when available.
GMP history
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 2,95,928 | 2,21,865 |
| HNIs(10L +) | 6,039 | 2,694 |
| HNIs (2-10L) | 3,020 | 3,043 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 250 | 582.41 |
| RETAIL | 437.5 | 328.01 |
| NIB | 187.5 | 118.75 |
| HNIs 2+ | 62.5 | 62.99 |
| HNIs 10+ | 125 | 55.76 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-24 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 8.75 | 11 | 8.52 |
| ROE | 12.6 | 17.69 | 15.39 |
| ROCE | 13.13 | 19.35 | 16.3 |
| RONW | 6.87 | 16.92 | 14.36 |
| PRE IPO | 0 | 63.97 | 0 |
| POST IPO | 40.24 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Incorporated in 1997, Carraro India Ltd designs, manufactures, and sells transmission systems—including axles, transmissions, and drives—for agricultural and construction equipment used in off-highway vehicles. The company also produces a wide range of gears for automotive, truck, agricultural, and construction sectors. It operates two advanced manufacturing plants in Pune: an 84,000 sq. meter driveline plant equipped for casting, machining, assembly, prototyping, testing, and painting, and a 78,000 sq. meter gear plant focused on machining and heat-treatment processes like carburizing, induction, hardening, and nitriding. Its portfolio includes axles and transmission systems for tractors, gears and transmissions for backhoe loaders, compact wheel loaders, and forklifts, as well as gears, shafts, and ring gears for industrial and automotive vehicles. Supported by a strong supply chain of 220 domestic and 58 international suppliers, the company has built deep expertise across India’s agricultural and construction sectors. As of September 30, 2024, its quality and after-sales team comprised 87 full-time and 53 temporary contractual employees.
Strengths
- Tier-1 Supplier with Strong Moats: Trusted provider of axles and transmission systems for India’s tractor and construction equipment sectors, specializing in mission-critical driveline components.
- Customer-Centric Solutions: Delivers customized, high-quality products tailored to long-standing OEM clients.
- Robust Supplier Network: Strong, long-term relationships with leading local and global suppliers ensure a reliable supply chain.
Risk factors
- High Customer Concentration: 69.55% of revenue comes from the top 5 customers and 87.88% from the top 10, exposing the company to major revenue loss if key clients move away.
- Dependence on Carraro Group: Heavy reliance on the Carraro Group for branding, sourcing, procurement, and R&D (33.27% of revenue). Any disruption could severely affect business operations.
- Significant Related-Party Transactions: Large share of income (33.89%) and expenses (6.70%) linked to related parties, posing financial and return-on-investment risks.
Promoters
Tomaso Carraro
Enrico Carraro
Carraro S.p.A
Carraro International S.E
Registrar & documents
Lead manager
Axis Capital Limited, Bnp Paribas, Nuvama Wealth Management Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
B2/ 2 MIDC, Ranjangaon, Pune 412 220 Maharashtra,
+91 2138 662666
[email protected]Company website ↗Understanding CARRARO IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.