Carraro India Ltd IPO
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Carraro India Ltd IPO Details
Details
| Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
|---|---|---|---|---|---|
| ₹ 177.56 L | ₹ 177.56 L | ₹ 62.14 L | ₹ 568.52 L | BSE | ₹ 1250 Cr |
| IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
| 20 Dec, 24 | 24 Dec, 24 | 21 | ₹ 14,028 | Book Building | 30 Dec, 24 |
Carraro India Ltd IPO Dates
Details
| Sector | Type |
|---|---|
| Sector | Auto Ancillaries |
| Sub Sector | NA |
| Issue Type | Book Building |
Subscription Status
*Values are in Lakhs
| Investor Type | Subscription Times | Shares Offered* | Shares Bid* |
|---|---|---|---|
| QIB | 0.93x | 8877841 | 8272824 |
| NII | 0.63x | 2663352 | 1686825 |
| Retail | 0.75x | 6214489 | 4659165 |
| Employee | 0x | 0 | 0 |
| Total | 0.82x | 17755681 | 14618814 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
Carraro India Ltd Financial Status
Income Statement
Balance Sheet
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Revenue from operations | 1,788.97 | 1,713.15 | 1,497.54 |
| EBITDA | 164.52 | 138.82 | 91.22 |
| PAT | 60.58 | 46.80 | 16.15 |
| Total Assets | 662.52 | 696.60 | 655.73 |
| Share Capital | 56.85 | 56.85 | 56.85 |
| Total Borrowings | 115.50 | 193.79 | 204.35 |
| Operating Activities (Net Cash) | 101.98 | 84.52 | 50.44 |
| Investing Activities (Net Cash) | -11.75 | -21.04 | -10.12 |
| Financing Activities (Net Cash) | 115.50 | 193.79 | 204.35 |
| Net Cashflow | 100.43 | 95.09 | 98.89 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
About Carraro India Ltd
Our Company was incorporated as Carraro India Private Limited on April 11, 1997, as a private limited company under the Companies Act, 1956, at New Delhi, India, pursuant to a certificate of incorporation issued by the Registrar of Companies, NCT of Delhi and Haryana (RoC Delhi). Pursuant to an allotment of Equity Shares by our Company and in accordance with the provisions of Section 43A(1) of the Companies Act, 1956, our Board passed a resolution on September 30, 1997, wherein our Board noted that our Company had become a deemed public company, and the name of our Company was changed to Carraro India Limited with effect from September 3, 1997, pursuant to a certificate of incorporation endorsed by the RoC Delhi to that effect. Further, pursuant to a resolution passed by our Board dated September 28, 2007 and a special resolution passed by our Shareholders dated September 29, 2007 which was confirmed by an order of the Company Law Board, Northern Region Bench, New Delhi dated July 25, 2008, the registered office of our Company was shifted from the state of Delhi to the state of Maharashtra with effect from July 25, 2008 and a certificate of registration of the order of the Company Law Board for change of state of our registered office was issued by the Registrar of Companies, Maharashtra at Pune (RoC) on August 14, 2008. Subsequently, pursuant to a resolution passed by our Board dated August 28, 2008 and a special resolution passed by our Shareholders dated September 22, 2008, our Company was re-converted into a private limited company and the name of our Company was changed to Carraro India Private Limited, and a fresh certificate of incorporation dated March 16, 2009 was issued by the RoC. Subsequently, on the conversion of our Company to a public limited company, pursuant to a resolution passed by our Board on July 3, 2024 and a special resolution passed by our Shareholders on July 4, 2024, the name of our Company was changed to Carraro India Limited and a fresh certificate of incorporation dated August 12, 2024.
According to Markets and Markets, the global and Indian off-highway markets encompass construction vehicles and agricultural equipment (including tractors) segments. Global sales of construction vehicles and agricultural tractors are projected to increase from 3,560,000 units in CY2023 to 4,640,000 units by CY2029. According to Markets and Markets, the agricultural tractors volume in India grew at CAGR of 5.9% from 804,000 units in CY2019 to 1,011,700 units in CY2023. The sales volume of construction vehicles in India increased at CAGR of 4.2% from 92,500 units in CY2019 to 109,000 units in CY2023 and is expected to grow at CAGR of 5.0% from CY2024 to CY2029.
We are a technology driven integrated supplier that develops complex engineering products and solutions for OEM customers. As an independent tier 1 (i.e., directly supplies products to OEM) solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India, we support the full value chain of services with in-house R&D and manufacturing capabilities. We provide a diverse range of products including axles and transmission systems of different HP ranges for off-highway vehicles in the agricultural tractor and construction vehicle sectors, as well as gears, shafts and ring gears for industrial and automotive vehicles.
Peer Comparison:
- Escorts Kubota Ltd
- Schaeffler India Ltd
- Sona BLW Precision Forgings Ltd
- Ramkrishna Forgings Ltd
- Happy Forgings Ltd
- Action Construction Equipment Ltd
Carraro India Ltd IPO Key Points
Strengths
- One of the leading tier 1 suppliers of transmissions systems and a key supplier of axles in the agricultural tractor and construction vehicle industries in India with competitive moat for mission critical and complex driveline components.
- Customer-centric, one-stop shop offering 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.
Risk
- The company derived 69.55% and 87.88% of its revenue in the six months ended September 30, 2024 and 69.37% and 85.39% of its revenue in Fiscal 2024 from the company top five and top 10 customers, respectively, and any inability to retain its key customers or attract new customers and expand the company customer network, could negatively affect its business and results of operations.
- The company depends partially on other entities in the Carraro Group for its operations, such as the license of the Carraro brand, customer sourcing, procurement, R&D and general support of the company operations. The Carraro Group was its largest customer in the six months ended September 30, 2024 and 2023 and Fiscals 2024, 2023 and 2022. For the six months ended September 30, 2024 and Fiscal 2024, the company derived 33.27% and 33.91% of its total revenue from the Carraro Group and have purchased 3.81% and 4.91% of its raw materials from the Carraro Group, respectively. Any disruption in this relationship could have a material adverse impact on its operations.
- The company has entered into and may continue to enter into related party transactions with the Carraro Group, Directors and Key Managerial Personnel. The company incurred 33.89% and 34.67% of its total income and 6.70% and 8.63% of the company total expenses in transactions with related parties in the six months ended September 30, 2024 and Fiscal 2024, respectively. Such transactions may require significant capital outlay and there can be no assurance that the company will be able to make a return on these transactions or investments.
Strategy
- Maintain our strong positioning in axles and transmission systems with an aim to secure market position.
- Drive our growth through introduction of new products and product application innovation.
- Develop future-ready solutions for emerging technologies and potential entry into new market segments.
- Enhance and expand our production capabilities in India.
- Increase share of localization and further improving efficiencies of our supply chain.
- One of the leading tier 1 suppliers of transmissions systems and a key supplier of axles in the agricultural tractor and construction vehicle industries in India with competitive moat for mission critical and complex driveline components.
- Customer-centric, one-stop shop offering 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.
How To Apply for Carraro India Ltd IPO Online?
Step 1:
Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.
Step 2:
From the list of open IPOs, select the IPO you want to invest.
Step 3:
Go through the IPO details like lot size, price band, about the company, etc.
Step 4:
Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.
Step 5:
Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.
