Mumbai, Aug 9 (IANS): The initial public offer (IPO) of CarTrade witnessed interest from retail investors during the initial hours of bidding on Monday, with 16 per cent of the shares on offer already subscribed.

Around 11.44 a.m., bids were received for 20,48,220 shares (16 per cent) out of the total 1,29,72,552 shares on offer, as per data on the BSE website.

The retail individual investors (RII) subscribed 31 per cent of the shares earmarked for them. So far, they have subscribed 20,36,907 shares out of the offered 64,86,276 for retail investors.

The tech-based company dealing in buying and selling and of used cars has already allocated 55,59,664 equity shares to anchor investors at a price of Rs 1,618 per scrip.

The company plans to raise around Rs 2,999 crore through the issue which is an offer for sale by investors and shareholders. The price band for the offer has been fixed at Rs 1,585-1,618 a share.

The company is a multi-channel auto platform with coverage and presence across vehicle types and value-added services. Its platforms operate under several brands -- CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto and AutoBiz.