Carraro India IPO
Carraro India IPO — date, price band, lot size & details 2024
Carraro India listed on 30 Dec 2024 at ₹651, 7.5% below the ₹704 issue price.
Carraro India is a tier 1 supplier of axles, transmission systems and gears for agricultural tractors and construction vehicles in India. Its total income was Rs 1,806.55 crore in FY2024.
Stock price
Carraro India is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 20 Dec 2024
- Close 24 Dec 2024
- Allotment 26 Dec 2024
- Refund/credit 27 Dec 2024
- Listing 30 Dec 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 20 to 24 Dec, 2024 |
|---|---|
| Price Band | ₹668 – ₹704 |
| Face Value | ₹10 |
| Lot Size | 21 Shares |
| Issue Size | ₹1250 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,784 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 21 shares at the ₹704 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 22.43 crore in FY2022 to Rs 62.56 crore in FY2024.
- 02Total income rose from Rs 1,520.05 crore in FY2022 to Rs 1,806.55 crore in FY2024.
- 03Profit after tax was Rs 49.73 crore in the six months to 30 September 2024.
- 04It is backed by the Italian Carraro group's technology and has in-house R&D, with assets of Rs 1,093.41 crore.
- 05Net worth grew from Rs 292.49 crore on 31 March 2022 to Rs 419.44 crore on 30 September 2024.
Risks · 5
- 01The whole Rs 1,250 crore issue was offer for sale, so no money went to the company.
- 02The pre-issue P/E was 64 at the upper band of Rs 704, based on EPS of Rs 11.00.
- 03Margins are thin, and the source puts the PAT margin at 3.50%.
- 04Demand follows tractor and construction equipment cycles, and borrowing was Rs 195.78 crore.
- 05Promoters held 100% before the issue and 68.77% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Carraro India offer document.
| Metric | 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 |
| Total Income | 922.74 | 1,806.55 | 1,733.30 | 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 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Carraro India RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Carraro India IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹11.00 | ₹17.50 |
| P/E Ratio (x) | 64.00 | 40.23 |
| Market Cap at Offer Price (₹ Cr) | ₹3,182.72 | ₹2,000.57 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹704 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the Carraro India IPO will be updated shortly.
About the company
As an independent tier 1 supplier of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India, it covers the full value chain with in-house R&D and manufacturing.
Its promoters are Carraro S.p.A. and Carraro International S.E. of Italy, and Tomaso Carraro and Enrico Carraro.
The IPO was Rs 1,250 crore and was entirely an offer for sale by Carraro International, so the company received none of the money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Nuvama Wealth Management Ltd.
42 issues handledBest listing: Gandhar Oil Refinery (India) (+76.3%). Weakest: ACME Solar Holdings (-13.1%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
BNP Paribas
7 issues handledBest listing: DOMS Industries (+77.2%). Weakest: Aegis Vopak Terminals (-6.4%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Carraro India?
The current Grey Market Premium is ₹0.
What is the Carraro India IPO price band?
₹668 to ₹704, on a face value of ₹10.
When is the allotment?
The basis of allotment is 26 December 2024, with listing on 30 December 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
