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Carraro India Ltd, a Pune-based manufacturer specializing in transmission systems for tractors, off-highway vehicles, and other agricultural and construction equipment, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an IPO to raise up to Rs 1,811.65 crore.
This IPO is structured as a complete offer for sale (OFS) by Carraro International S.E. The book-building process will allocate not more than 50% to qualified institutional buyers, 15% to non-institutional investors, and 35% to retail individual investors.
Founded in 1997 and a subsidiary of Carraro S.p.A, Carraro India began manufacturing transmission systems in 1999 and axles in 2000. The company specializes in complex engineering solutions for original equipment manufacturers (OEMs), focusing on axles and transmission systems for agricultural tractors and construction vehicles.
The Carraro Group is a key tier-1 supplier in India’s agricultural and construction vehicle sectors. Carraro India dominates the market for transmission systems in tractors up to 150HP and four-wheel drive capabilities. In 2023, it held a 60-65% market share in the non-captive construction vehicle transmission segment.
Operating two plants in Pune, Carraro India served 38 manufacturers in India and six internationally in FY24. Key customers include CNH, TAFE, Mahindra and Mahindra, John Deere India, Escorts Kubota, and others.
In FY24, Carraro India's revenue increased by 4.44% to Rs 1,770.45 crore, while profit after tax surged by 29.44% to Rs 60.58 crore. Axis Capital, BNP Paribas, and Nuvama Wealth Management are the lead managers for the IPO, with Link Intime India as the registrar. The shares are proposed to be listed on BSE and NSE.
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