Carraro India Limited’s Initial Public Offering to open on Friday, December 20, 2024, price band set at ₹668/- to ₹704/- per Equity Share

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by Samiksha

Mumbai, December 17, 2024: Carraro India Limited, has fixed the price band of ₹668/- to ₹704/- per Equity Share of face value ₹10/- each for its maiden initial public offer.

The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Friday, December 20, 2024, for subscription and close on Tuesday, December 24, 2024. Investors can bid for a minimum of 21 Equity Shares and in multiples of 21 Equity Shares thereafter.

The IPO is entirely an offer of sale of up to Rs 1,250 crore by Carraro International S.E. with no fresh issue component.

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.

Carraro India operates two manufacturing plants in Pune: one for drivelines and one for gears. These plants are equipped with advanced technologies for casting, machining, assembly, prototyping, testing, painting, and heat treatment. Capacity utilization of Driveline manufacturing plant for fiscal 2024 stood at 81.07% and for Gears manufacturing plant it was 89.94%.

As of September 30, 2024, the company supplied to 38 manufacturers in India and six internationally. Its key customers include large domestic and international OEMs, with long-term relationships lasting at least 15 years. Carraro India has developed extensive expertise in the agricultural tractor and construction vehicle industry in India and maintains a network of 220 suppliers across eight states in India and 58 international suppliers.

Axis Capital Limited, BNP Paribas and Nuvama Wealth Management Limited are the book-running lead managers, and Link Intime India Private Limited is the registrar of the issue.

The Offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional investors, and not less than 35% of the offer shall be available for allocation to retail individual investors.

Notes for Reference:

Issue Size of the IPO based on the upper and lower end of the price band

 

Offer for Sale

Lower Band (@ Rs 668)

Rs 1,250 crore

Upper Band (@ Rs 704)

Rs 1,250 crore

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