CARRARO INDIA LIMITED (MAINBOARD)
Dec 20, 2024 - Dec 24, 2024
| Price | ₹668 - ₹704 |
| Premium | ₹0 |
|---|---|
| Lot size | 21 |
| Allotment | Dec 26, 2024 |
| Listing | Dec 30, 2024 |
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 21 | 14784 | 295928 |
| sHNI | 14 | 294 | 206976 | 3020 |
| bHNI | 68 | 1428 | 1005312 | 6039 |
Last updated on 24-Dec-2024 19:01:04
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIBs | 3551138 | 8272824 | 2.33 |
| HNIs | 2663352 | 1686825 | 0.63 |
| HNIs 10+ | 1775568 | 792099 | 0.45 |
| HNIs 2+ | 887784 | 894726 | 1.01 |
| Retail | 6214489 | 4659165 | 0.75 |
| Total | 12428979 | 14618814 | 1.18 |
Application-Wise Breakup (Approx. no. of Apps) | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 6039 | 445 | 0.07 |
| HNIs (2-10L) | 3020 | 2812 | 0.93 |
| Retail | 295928 | 176976 | 0.6 |
| Subscription Demand (in ₹ crore) | |||
|---|---|---|---|
| Category | Offered | Demand | Times |
| QIBs | 250 | 582.41 | 2.33 |
| FIIs | - | 83.54 | - |
| DIIs | - | 170.04 | - |
| Mutual funds | - | 307 | - |
| Others | - | 21.83 | - |
| HNIs | 187.5 | 118.75 | 0.63 |
| HNIs 10+ | 125 | 55.76 | 0.45 |
| HNIs 2+ | 62.5 | 62.99 | 1.01 |
| Retail | 437.5 | 328.01 | 0.75 |
| Total | 875 | 1029.16 | 1.18 |
| QIB Interest Cost per share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹2.2 | @8% ₹2.5 | @9% ₹2.8 | @10% ₹3.1 | @11% ₹3.5 | @12% ₹3.8 |
IPO Details
| Issue Size | Up to 1,77,55,680 equity shares aggregating up to ₹1,250.00 crores. |
| Offer For Sale | Up to 1,77,55,680 equity shares aggregating up to ₹1,250.00 crores. |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE,BSE |
| Share holding pre issue | 5,68,51,538 shares |
| Share holding post issue | 5,68,51,538 shares |
IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Net Offer |
Key Performance Indicators
| KPI | Sep-24 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE | 12.60% | 17.69% | 15.39% |
| ROCE | 13.13% | 19.35% | 16.30% |
| RONW | 6.87% | 16.92% | 14.36% |
| D/E | 0.5 | 0.58 | 0.57 |
| EPS (basic) | 8.75 | 11 | 8.52 |
| P/E Pre IPO | 63.97 | ||
| P/E Post IPO | 40.24 |
Financial Details (Restated) In Crores
| Period Ended | Sep-24 | Mar-24 | Mar-23 | Mar-22 |
|---|---|---|---|---|
| Assets | 1,093 | 1,073 | 1,072 | 1,012 |
| Revenue | 923 | 1,807 | 1,733 | 1,520 |
| Profit After Tax | 50 | 63 | 48 | 22 |
| Net Worth | 419 | 370 | 337 | 292 |
| Total Borrowing | 196 | 213 | 188 | 178 |
About Company
Carraro India Ltd, incorporated in 1997, is engaged in the design, manufacturing, and sale of transmission systems, including axles, transmissions, and drives, primarily for agricultural and construction equipment used in off-highway vehicles. The company also manufactures a wide range of gears for sectors such as automotive, trucks, agricultural, and construction vehicles. Operating from two manufacturing plants in Pune, Maharashtra, the driveline plant spans approximately 84,000 square meters and features technologies like casting, machining, assembly, prototyping, testing, and painting, while the gear plant, covering 78,000 square meters, specializes in machining and heat treatment processes such as carburizing, induction, hardening, and nitriding. Carraro India's product portfolio includes axles and transmission systems for agricultural tractors, gears and transmissions for construction vehicles like backhoe loaders, compact wheel loaders, and forklifts, as well as additional components like gears, shafts, and ring gears for industrial and automotive vehicles. The company has built significant expertise in the agricultural and construction sectors in India, supported by a robust network of 220 suppliers across eight Indian states and 58 international suppliers. As of September 30, 2024, the company’s local quality and after-sales team included 87 full-time employees and 53 contractual temporary employees.
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Tier 1 Supplier with Competitive Moats: A key supplier of axles and transmission systems for India’s agricultural tractor and construction vehicle industries, specializing in mission-critical and complex driveline components.
Customer-Centric Solutions: Offers customized, high-quality solutions tailored to the needs of a longstanding OEM customer base, ensuring reliability and satisfaction.
Strong Supplier Network: Maintains enduring relationships with marquee local and international suppliers, ensuring a robust and efficient supply chain.
Customer Concentration Risk: A significant portion of revenue is derived from the top five (69.55%) and top 10 (87.88%) customers, making the company vulnerable to the loss of key customers or an inability to expand its customer base.
Dependence on Carraro Group: The company heavily relies on the Carraro Group for brand licensing, customer sourcing, procurement, and R&D, with 33.27% of revenue sourced from the Group in the six months ended September 30, 2024. Any disruption in this relationship could materially impact operations.
Related Party Transactions: Substantial related party transactions, comprising 33.89% of income and 6.70% of expenses in the six months ended September 30, 2024, may involve significant capital outlays with uncertain returns, posing potential financial risks.
Phone: +91-22-4918 6270
Email: mobikwik.ipo@linkintime.co.in
Website: linkintime.co.in/initial_offer/public-issues.html