Mumbai: Carraro India Limited is coming out with its Initial Public Offering (IPO) at a price band of Rs 668 to Rs 704 aggregating to Rs 1,250 crore which will open on December 20, 2024 and close on December 24, 2024.
The IPO is entirely an Offer for Sale by Carraro International S.E. with no fresh issue component and the company will not receive any portion of the proceeds from the Offer.
Tomaso Carraro, Vice Chairman and Non Executive Director, said here recently that the Company is a world leader in tractors for 3rd party brands, transmission systems for agricultural and construction equipment, gears for diverse sectors.
Noting that Carraro has invested 200 million Euros in India over the years, he said the Company brought out this IPO as it has two such equipment manufacturing plants in Pune, while India represents a huge market for tractors with increasing horsepower capacity.
Balaji Gopalan, Managing Director, Carraro India, said the Company supplies this equipment to OEMs here and has registered FY24 Revenue of Rs 17,889.7 million, besides EBITDA of FY24 being Rs 1,500 million.
Describing India as the world’s largest tractor market and 3rd largest market for construction vehicles while being poised for significant growth, he said Carraro’s equipment comprised 25% cost of the tractor price in sales to 38 manufacturers in India, besides exporting to 6 countries.
“Our U.S.P. is that we are the only one in India designing and producing such equipment that is made in India – unlike others who have to import them,” he said, adding “Localisation is the driver for our products and Carraro is well-placed to put into the market our technology comprising 153 products off its R&D center in Luxembourg.”
Axis Capital Limited, BNP Paribas and Nuvama Wealth Management Limited are the book running lead managers, and Link Intime India Private Limited is the registrar of the issue.
