Cars24 expects to be eligible to file DRHP by Apr: CFO
AI Summary
Cars24's upcoming IPO, following its reverse flip to India, highlights the growing trend of tech-driven companies seeking to capitalize on India's vast automotive market. With only 5% of Indians owning cars, the potential for expansion is significant, making this a critical moment for investors to consider the long-term growth prospects in the automotive sector. As Cars24 aims to deepen its market penetration, retail investors should watch for how this IPO could reshape the competitive landscape and influence valuations in the used car market.
Cars24 expects to be eligible to file its draft red herring prospectus (DRHP) by April after completing its reverse flip from Singapore to India, a process that could take six to nine months, its CFO Shivanshu Makkar said.
In an interview with PTI, Makkar said Cars24, which was incorporated in Singapore in 2015, has received approval for the reverse flip and will file papers for its IPO in India.
Original Article
Published on Hindu BusinessLine
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