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Carraro India files draft papers for Rs 18.11 billion IPO with SEBI
Industry News- Aug 26,24
The company generated 64.82% of its revenue from domestic sales last year.
Carraro India, a key manufacturer of axles and transmission systems for agricultural and construction vehicles, is seeking to raise Rs 18.11 billion through an initial public offering (IPO). The company, a subsidiary of Italy's Carraro Group, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) on August 23.
The IPO will be an offer for sale (OFS) entirely by Carraro International SE, a holding entity under the Carraro SpA group, and will not result in any proceeds for Carraro India itself. The face value of each share is Rs 10.
Carraro SpA, based in Italy, is the parent organisation of the Carraro Group, which is renowned for its transmission systems, including axles, transmissions, and drives used in off-highway vehicles. Carraro India operates two manufacturing plants in Pune and supplies its products to 38 manufacturers across India.
For the fiscal year 2024, Carraro India reported a profit of Rs 606 million, a 29.4% increase from Rs 470 million in FY23. Revenue for FY24 grew by 4.4% to Rs 17.70 billion, with EBITDA rising by 27.2% to Rs 1.28 billion. The company generated 64.82% of its revenue from domestic sales last year.
Axis Capital, BNP Paribas, and Nuvama Wealth Management are serving as the merchant bankers for the IPO. Carraro India, founded in 1997, competes with companies such as Escorts Kubota, Schaeffler India, and Sona BLW Precision Forgings, and supplies a range of products including backhoe loaders, soil compactors, and gears for industrial and automotive applications.
(business today)
axles
automotive
Carraro SpA group
Carraro International SE
Carraro India
DRHP
SEBI
Axis Capital
BNP Paribas
Nuvama Wealth Management
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