New Delhi, Dec 23 (PTI) The initial public offering (IPO) of Carraro India Ltd was subscribed 22 per cent on the second day of share sale on Monday.

The initial share sale received bids for 28,77,105 shares against 1,30,98,803 shares on offer, according to data available with the NSE.

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The category for retail individual investors (RIIs) got subscribed 35 per cent while the quota for non-institutional investors received 20 per cent subscription.

Carraro India Ltd on Thursday said it has garnered Rs 375 crore from anchor investors.

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The issue, with a price band of Rs 668-704 per share, will conclude on December 24.

Carraro India's IPO is completely an offer for sale (OFS) of shares worth Rs 1,250 crore by Carraro International SE, with no fresh issue component, according to the red herring prospectus.

Since the entire issue is an OFS, all proceeds from the IPO will go directly to the selling shareholder, rather than the company.

Founded in 1997, Carraro India, a subsidiary of Carraro S.p.A, began its manufacturing journey with transmission systems in 1999 and axles in 2000.

The company started its operations using IP rights licensed from other entities within the Carraro Group and specialises in complex engineering products and solutions for original equipment manufacturer (OEM) customers.

It serves as an independent tier-1 provider, concentrating on axles and transmission systems for agricultural tractors and construction vehicles.

Carraro India operates two manufacturing plants in Pune -- one for drivelines and the other for gears.

These plants are equipped with advanced technologies for casting, machining, assembly, prototyping, testing, painting, and heat treatment.

Its key customers include large domestic and international OEMs. It exports to customers in Asia directly and indirectly, and outside Asia through Carraro Drive Tech Italia.

Its key clients in the agricultural tractor sector include CNH, TAFE, Mahindra and Mahindra, John Deere India Pvt Ltd, Escorts Kubota, Action Construction Ltd, and International Tractors Ltd.

In the construction vehicle sector, it serves CNH, Bull Machines, Liugong, Manitou Equipment, Doosan, Escorts Kubota, Mahindra and Mahindra, and Action Construction Ltd.

Axis Capital Ltd, BNP Paribas, and Nuvama Wealth Management Ltd are the book running lead managers to the issue.

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