Shardul Amarchand Mangaldas & Co advised Carraro India Limited and Carraro International S.E. on the former's Initial Public Offering (IPO) of equity shares aggregating to ₹1,250 crore (approximately $146.55 million).
Shardul Amarchand Mangaldas & Co advised the Carraro Group on this IPO.
The capital markets team was led by Nikhil Naredi, Partner, with assistance from Rohit Tiwari, Partner; Senior Associates, Tarun Srikanth, and Ankur Verma; and Associates, Shruthi Hariharan, Anoushka PV, and Niharika Payannavar.
The general corporate team was led by Mithun Thanks, Partner, with assistance from Kaustubh Verma, Partner; Shraddha Suryavanshi, Principal Associate; Kratisha Agarwal, Senior Associate; and Jehan Jhaveri, Associate.
The taxation team was led by Gouri Puri, Partner, with assistance from Rahul Yadav, Counsel; Nimish Malpani, Senior Associate; and Neeladri Chakrabarti, Consultant.
The Firm also advised the Carraro India on consolidation of value prior to the IPO, which involved the acquisition of another Indian entity (Carraro Technologies India Private Limited) in the Carraro group from Carraro International.
The company launched its IPO on December 20, 2024, closing on December 24, 2024. The IPO, priced between ₹668 and ₹704 per share, was entirely an offer for sale by the promoter, Carraro International S.E., aiming to raise approximately ₹1,250 crore. The offering received a subscription rate of 1.12 times, with notable interest from Qualified Institutional Buyers (QIBs) at 2.21 times. The shares were listed in the stock exchange on December 30, 2024.
Carraro India Limited, based in Pune, India, specializes in manufacturing transmission systems and components for agricultural tractors and construction equipment. Established as a key subsidiary of the Italian multinational Carraro Group, the company operates two state-of-the-art production facilities in Pune, serving both domestic and international markets. Its clientele includes leading manufacturers such as CNH, Mahindra & Mahindra, TAFE, and John Deere India Private Limited.
Carraro International S.E., headquartered in Italy, is a global leader in designing and manufacturing drive systems and specialized components for agricultural and construction machinery. As the parent company of the Carraro Group, it oversees subsidiaries like Carraro India, ensuring a cohesive strategy and operational excellence across its global network.
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