CARRARO INDIA LIMITED IPO
CARRARO INDIA LIMITED IPO
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The public market debut of CARRARO INDIA LIMITED's was completed on 30-12-2024 with its listing on the NSE, BSE exchange. The IPO process raised 1,77,55,680 Shares in total capital, consisting of TBD in new equity and ₹1250.00 Cr in existing share sales through the OFS route.
The offering featured a price range of ₹668 to ₹704 and minimum application size of 21 shares. Investor response during the subscription period from 20-12-2024 to 24-12-2024 influenced the final allotment ratios across investor categories.
Final allotment was announced on 26-12-2024, distributing shares to successful subscribers. The listing established a continuous market for the company's shares, enabling liquidity, valuation transparency, and broader investor participation.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
CARRARO INDIA IPO About Company
Incorporated in 1997, Carraro India Ltd designs, manufactures, and sells transmission systems—including axles, transmissions, and drives—for agricultural and construction equipment used in off-highway vehicles. The company also produces a wide range of gears for automotive, truck, agricultural, and construction sectors. It operates two advanced manufacturing plants in Pune: an 84,000 sq. meter driveline plant equipped for casting, machining, assembly, prototyping, testing, and painting, and a 78,000 sq. meter gear plant focused on machining and heat-treatment processes like carburizing, induction, hardening, and nitriding. Its portfolio includes axles and transmission systems for tractors, gears and transmissions for backhoe loaders, compact wheel loaders, and forklifts, as well as gears, shafts, and ring gears for industrial and automotive vehicles. Supported by a strong supply chain of 220 domestic and 58 international suppliers, the company has built deep expertise across India’s agricultural and construction sectors. As of September 30, 2024, its quality and after-sales team comprised 87 full-time and 53 temporary contractual employees.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
CARRARO INDIA IPO Strength Factors
- Tier-1 Supplier with Strong Moats: Trusted provider of axles and transmission systems for India’s tractor and construction equipment sectors, specializing in mission-critical driveline components.
- Customer-Centric Solutions: Delivers customized, high-quality products tailored to long-standing OEM clients.
- Robust Supplier Network: Strong, long-term relationships with leading local and global suppliers ensure a reliable supply chain.
CARRARO INDIA IPO Risk Factors
- High Customer Concentration: 69.55% of revenue comes from the top 5 customers and 87.88% from the top 10, exposing the company to major revenue loss if key clients move away.
- Dependence on Carraro Group: Heavy reliance on the Carraro Group for branding, sourcing, procurement, and R&D (33.27% of revenue). Any disruption could severely affect business operations.
- Significant Related-Party Transactions: Large share of income (33.89%) and expenses (6.70%) linked to related parties, posing financial and return-on-investment risks.
CARRARO INDIA IPO Lead Manager(s)
- Axis Capital Limited
- Bnp Paribas
- Nuvama Wealth Management Limited
CARRARO INDIA IPO Promoter(s)
- Tomaso Carraro
- Enrico Carraro
- Carraro S.p.A
- Carraro International S.E
CARRARO INDIA IPO FAQs
CARRARO INDIA LIMITED IPO subscribed 1.12 times. The public issue subscribed 0.75 times in the retail category,2.33times in QIB, and 0.45 times in the HNI (10+) category byNovember 14, 2025 6:36:00 AM (Day 14).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
CARRARO INDIA IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
CARRARO INDIA IPO FAQs
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