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Carraro India IPO is a book-built issue of Rs 1,250.00 crores. The issue is entirely an offer for the sale of 1.78 crore shares.
The IPO opens for subscription on December 20, 2024, and closes on December 24, 2024. The price band is set at ₹668 to ₹704 per share and the minimum lot size for an application is 21 shares.
Company Summary
Incorporated in 1997, Carraro India Ltd is engaging in manufacturing components ranging from the smallest gear to complete tractor manufacturing.
The company designs manufactures, and sells transmission systems (axles, transmissions, and drives) primarily for agricultural and construction equipment for off-highway vehicles. It also offers a wide range of gear for various sectors, including automotive, trucks agricultural, and construction vehicles.
The company owns and operates two manufacturing plants in Pune, Maharashtra, India. The driveline manufacturing plant occupies a plot area of approximately 84,000 square meters, while the gear manufacturing plant covers an area of approximately 78,000 square meters.
Products:
Agricultural tractors: They manufacture axles and transmission systems for agricultural tractors which include special requirements on technical specifications, use cases, and mechanical and structural design.
Construction vehicles: They manufacture gears and transmission systems for backhoe loaders, compact wheel loaders, telehandlers, cranes, forklifts, aerial working platforms, etc.
Others: They manufacture a diverse range of products beyond their core offerings of axles and transmissions for agricultural and construction equipment, which include additional products such as gears, shafts, and ring gears for industrial and automotive vehicles.
As of September 30, 2024, the company’s local quality and after-sales team consisted of 87 full-time employees and 53 contractual temporary employees.
Competitive Strengths:
- Tier 1 suppliers of transmission systems and a key supplier of axles in India’s agricultural tractor and construction vehicle industries with competitive moats for mission-critical and complex driveline components.
- Customer-centric offering of customized solutions to a longstanding OEM customer base.
- Longstanding relationships with marquee local and international supplier base.
- Strong, in-house R&D capabilities with proprietary IP rights to facilitate innovation of future-ready products.
- Technologically advanced manufacturing plants with large production capacities and in-house gear production capabilities.
Company Financials
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 1,093.41 | 1,072.89 | 1,072.39 | 1,012.44 |
| Revenue | 922.74 | 1,806.55 | 1,733.3 | 1,520.05 |
| Profit After Tax | 49.73 | 62.56 | 48.46 | 22.43 |
| Net Worth | 419.44 | 369.82 | 337.38 | 292.49 |
| Total Borrowing | 195.78 | 212.55 | 188.33 | 178.14 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The Company will not receive any proceeds from the Offer and all the Offer Proceeds will be received by the Promoter Selling Shareholder after deduction of Offer-related expenses and relevant taxes thereon, to be borne by the Promoter Selling Shareholder.
Promoters of the company
Tomaso Carraro, Enrico Carraro, Carraro S.p.A and Carraro International S.E are the company’s promoters.
IPO details
| IPO Date | December 20, 2024 to December 24, 2024 |
| Listing Date | Monday, December 30, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹668 to ₹704 per share |
| Lot Size | 21 Shares |
| Total Issue Size | 1,77,55,680 shares (aggregating up to ₹1,250.00 Cr) |
| Offer for Sale | 1,77,55,680 shares of ₹10 (aggregating up to ₹1,250.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 21 | ₹14,784 |
| Retail (Max) | 13 | 273 | ₹1,92,192 |
| S-HNI (Min) | 14 | 294 | ₹2,06,976 |
| S-HNI (Max) | 67 | 1,407 | ₹9,90,528 |
| B-HNI (Min) | 68 | 1,428 | ₹10,05,312 |
Allotment Schedule
| Basis of Allotment | Thursday, December 26, 2024 |
| Initiation of Refunds | Friday, December 27, 2024 |
| The credit of Shares to Demat | Friday, December 27, 2024 |
| Listing Date | Monday, December 30, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 24, 2024 |
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 |
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