Cars24 expects to be eligible to file DRHP by Apr: CFO
CFO Makkar says that Cars24 has received approval for the reverse flip and will file papers for its IPO in India
Cars24, the Indian e-commerce marketplace for automotive parts, expects to be eligible to file its draft red herring prospectus (DRHP) by April after completing its reverse flip from Singapore to India. CFO Shivanshu Makkar stated that the reverse flip process, similar to that of Flipkart and Myntra, will take six to nine months.
Upon becoming an Indian entity, the company will be eligible to file the DRHP, followed by a further three to four months for Sebi approvals, pricing, and book-building. Makkar emphasized that the primary purpose of the IPO is to create capital for expansion in India and new geographies, rather than to meet an immediate funding need.
The company's last funding round was in 2022 at a $3.3 billion post-money valuation, and they have not raised additional capital since then.
Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
