Carraro India, a leading manufacturer of axles and transmission systems for agricultural tractors and construction vehicles, has filed draft papers with SEBI to raise Rs 1,811.65 crore through an Initial Public Offering (IPO). The filing was made on August 23.
The IPO would be an offer-for-sale fully by Carraro International S E, the Italian promoter company, thereby ensuring that all the proceeds would go to the selling shareholder and not to the company itself.
Carraro India was formed in 1997 and has two manufacturing plants in Pune, supplying products to 38 manufacturers across India. It competes with leading listed peers such as Escorts Kubota, Schaeffler India, and Sona BLW Precision Forgings.
Carraro India posted revenues of Rs 1,770.5 crore in FY24, 4.4% more than the previous year. On the back of rather modest growth in topline, the company improved its profit by 29.4% to Rs 60.6 crore, driven by strong operating performance. The EBITDA also saw a sharp rise of 27.2%, with margins expanding by 130 basis points to 7.2%. This IPO is rather a strategic step toward enhancement of presence and capitalizing on the growing demand in the agricultural and construction vehicle market for Carraro India.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
