Carraro India Ltd manufactures components ranging from the smallest gear to complete tractor manufacturing.
The company designs, manufactures and sells transmission systems (axles, transmissions, and drives) primarily for agricultural and construction equipment for off-highway vehicles. It also offers a wide range of gears for various sectors, including automotive, trucks agricultural, and construction vehicles.
The company owns and operates two manufacturing plants in Pune, Maharashtra, India. The driveline manufacturing plant occupies a plot area of approximately 84,000 square meters, while the gear manufacturing plant covers an area of approximately 78,000 square meters.
The driveline plant has technologies including casting, machining, assembly, prototyping, testing, and painting. The gears plant features machining and heat treatment technologies such as carburizing, induction, hardening, and nitriding.
Company’s Products:
- Agricultural tractors: They manufacture axles and transmission systems for agricultural tractors which include special requirements on technical specifications, use cases, and mechanical and structural design.
- Construction vehicles: They manufacture gears and transmission systems for backhoe loaders, compact wheel loaders, telehandlers, cranes, forklifts, aerial working platforms, etc.
- Others: They manufacture a diverse range of products beyond their core offerings of axles and transmissions for agricultural and construction equipment, which include additional products such as gears, shafts, and ring gears for industrial and automotive vehicles.
The company has developed expertise in the agricultural tractor and construction vehicle industry in India and has established a network of 220 suppliers across eight states in India, along with 58 suppliers internationally.
As of September 30, 2024, the company’s local quality and after-sales team consisted of 87 full-time employees and 53 contractual temporary employees.
Carraro India IPO – Details
| IPO Opening Date | 20 December 2024 |
| IPO Closing Date | 24 December 2024 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,77,55,680 Shares Worth ₹1,250.00 Crore Offer For Sale: 1,77,55,680 Shares Worth ₹1,250.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹668 – ₹704 per share |
| Market Lot | 21 Shares |
| Min Order | 21 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Ltd |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Carraro India IPO – Date Schedule
| IPO Open Date | 20 November 2024 |
| IPO Close Date | 24 December 2024 |
| Basis of Allotment | 26 December 2024 |
| Initiation of Refund | 27 December 2024 |
| Credit of Shares to Demat Account | 27 December 2024 |
| IPO Listing Date | 30 December 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 24, 2024 |
Carraro India IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 21 | ₹14,784 |
| Retail (Max) | 13 | 273 | ₹1,92,192 |
| S-HNI (Min) | 14 | 294 | ₹2,06,976 |
| S-HNI (Max) | 67 | 1,407 | ₹9,90,528 |
| B-HNI (Min) | 68 | 1,428 | ₹10,05,312 |
Competitive Strengths
- Tier 1 suppliers of transmission systems and a key supplier of axles in India’s agricultural tractor and construction vehicle industries with competitive moats for mission-critical and complex driveline components.
- Customer-centric offering of 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 and in-house gear production capabilities.
Company Promoters
- Tomaso Carraro
- Enrico Carraro
- Carraro S.p.A
- Carraro International S.E
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 | 1,520.05 | 1,489.31 | 22.42 | 178.14 |
| 31 March 2023 | 1,733.29 | 1,667.71 | 48.45 | 188.33 |
| 31 March 2024 | 1,806.54 | 1,722.17 | 62.56 | 212.55 |
| 30 September 2024 | 922.73 | 855.82 | 49.73 | 195.78 |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 17.69% |
| ROCE | 19.35% |
| Debt/Equity | 0.58 |
| RoNW | 16.92% |
| PAT Margin | 3.50 |
| Pre IPO | Post IPO | |
| EPS (Rs) | 11.00 | 17.50 |
| P/E (x) | 63.97 | 40.24 |
Object Of The Issue
- The Company will not receive any proceeds from the Offer and all the Offer Proceeds will be received by the Promoter Selling Shareholder after deduction of Offer related expenses and relevant taxes thereon, to be borne by the Promoter Selling Shareholder.
Carraro India IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 10 | Escorts Kubota Limited | 43.21 |
| 2 | 2 | Schaeffler India Limited | 74.22 |
| 3 | 10 | Sona BLW Precision Forgings Limited | 76.93 |
| 4 | 2 | Ramakrishna Forgings Limited | 42.82 |
| 5 | 2 | Happy Forgings Limited | 47.08 |
| 6 | 10 | Action Construction Equipment Limited | 50.56 |
Carraro India IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 68.77% |
Carraro India IPO Prospectus
Company Contact Information
| Carraro India Limited B2/ 2 MIDC, Ranjangaon, Pune 412 220 Maharashtra, Phone: +91 2138 662666 Email: company_secretary@carraroindia.com Website: https://www.carraroindia.com/ |
Carraro India IPO Registrar
| Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: carraro.ipo@linkintime.co.in Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
Carraro India IPO Lead Manager(s)
| 1. BNP Paribas 2. Axis Capital Limited 3. Nuvama Wealth Management Limited |
Carraro India IPO FAQs
| What is Carraro India IPO? Carraro India IPO is a main-board IPO. The issue is priced at ₹668 to ₹704 per equity share. The IPO is to be listed on BSE & NSE. |
| When Carraro India IPO will open? The IPO is to open on 20 December 2024 for QIB, NII, and Retail Investors. |
| What is Carraro India IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Carraro India IPO? You can apply Carraro India IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Carraro India IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Carraro India IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Carraro India IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Carraro India IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Carraro India IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Carraro India IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Carraro India IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Carraro India IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Carraro India IPO Size? Carraro India IPO size is ₹1,250.00 Crore. |
| What is the Carraro India IPO Price Band? Carraro India IPO Price Band is ₹668 to ₹704. |
| What is Carraro India IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 21 Shares with ₹14,784 amount while the maximum bid is 273 Shares with ₹1,92,192. |
| What is the Carraro India IPO Allotment Date? Carraro India IPO allotment date is 26 December 2024. |
| What is the Carraro India IPO Listing Date? Carraro India IPO listing date is 30 December 2024. The IPO is to be listed on BSE and NSE. |
