Cyril Amarchand Mangaldas advised CarTrade Tech Limited (CarTrade) on the Initial Public Offer (IPO) of the Company. This is the first IPO in the Indian auto E-commerce space. CarTrade, a multi-channel auto platform with coverage and presence across vehicle types and value-added services, is the only profitable automotive digital platform in India as of date and they are backed by marquee institutional investors including Warburg Pincus, Temasek, JP Morgan, and March Capital.
The Capital Markets Practice of Cyril Amarchand Mangaldas advised CarTrade on the Transaction. The transaction team was led by Yash Ashar, Partner & Head – Capital Markets; Vijay Parthasarathi, Partner; with support from Janhavi Manohar, Principal Associate; Tanvi Kini, Senior Associate; Chinar Gupta, Associate; and Sanyukta Saraf, Associate.
The IPO comprised of offer of up to 18,532,216 Equity Shares of face value INR 10 each for cash at a price of INR 1,618 per Equity Share aggregating to INR 29,985.13 million by the Selling Shareholders.
Other parties involved in the transaction were:
- Axis Capital Limited (Acted as Book Running lead Manager (BRLM) to the Issue)
- Citigroup Global Markets India Private Limited (Acted as BRLM to the Issue)
- Kotak Mahindra Capital Company Limited (Acted as BRLM to the Issue)
- Nomura Financial Advisory and Securities (India) Private Limited (Acted as BRLM to the Issue)
- IndusLaw (Acted as Indian Legal Counsel for BRLMs)
- AZB & Partners (Acted as Indian Legal Counsel for Investor Selling Shareholders)
- Sidley Austin LLP (U.S. Federal Securities Laws Counsel to the BRLMs)
The Transaction was signed on May 15, 2021, and was closed on August 20, 2021.
About Cyril Amarchand Mangaldas
India’s Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015, and takes forward the values going back 104 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has 750 lawyers, including over 130 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru and Ahmedabad. The Firm advises a large and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The firm was recently named in ‘25 Most Innovative Companies of the Year’ by CII. Also, received the “Law Firm of the Year” award at the Asian Legal Business (ALB) India Law Awards 2020 and the “Law Firm of the Year, India” at the Asialaw Regional Awards 2020. The firm was recognised as the “Most Innovative National Law Firm of the Year – India for 2020” at the IFLR Asia Awards and voted as the “Employer of Choice for 2020” from India, by the Asian Legal Business.
