The online automobile e-commerce company Droom has withdrawn its Initial Public Offering (IPO) on 12th October 2022 as per Securities & Exchange Board of India (SEBI)’s latest notification.
This was second IPO of the car e-commerce platform within the automotive commerce space after the debut of Cartrade’s public market in August. The company keeps the details of this development private.
The IPO proposed by the company had two important issues. First, accumulating shares of 2000 Cr INR and second, sale share offer of 1000 Cr by Droom Pte, the sole promoter of Droom Technology.
The company mentioned that it might contemplate on raising 400 Cr INR in a pre-IPO placement in the same filing with the reduction in fund raised from the amount of fresh issue of shares.
ICICI Securities, Nomura Financial Advisory and Securities, Axis Capital, Edelweiss Financial Services, HSBC Securities and Capital Markets and KFin Technologies were the joint partners in the offering
Gurugram based online automobile e-commerce platform was founded by Sandeep Aggarwal , which facilitates buying and selling used and new cars and two-wheelers, and other vehicles. The automobile platform had announced 200 million US dollars pre-IPO round in August this year. The e-commerce platform had value of 1.2 billion US dollars from new investors, 57 Stars and Seven Train Ventures.
The automobile platform has planned to use the fun raised through the organic expansion initiative along with its growth in Tier III and Tier IV cities of the country and also in international market, except the marketing and branding pursuits for the customers and inorganic growth.
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