Cars24 aims to file IPO papers by April after reverse flip
In short
Cars24 says it expects to file its IPO papers by April after moving its legal base from Singapore to India. CFO Shivanshu Makkar said the shift could take six to nine months, and approval for the reverse flip has already been received.
This matters because the company is preparing for an India listing. The exact IPO date and final filing details are still not known.
What the reporting says
Cars24 expects to file its draft red herring prospectus by April after completing a reverse flip from Singapore to India, its CFO Shivanshu Makkar said in an interview with PTI. The Business Standard summary says the re-domiciling process could take six to nine months and notes that approval for the reverse flip has already been received. The eventual IPO filing is planned, but the exact timing and final documentation are still unknown.
Why it matters
Cars24, which was incorporated in Singapore in 2015, has received approval for a reverse flip and expects to file its DRHP by April, according to the published summary of CFO Shivanshu Makkar’s comments. The process could take six to nine months. This is relevant to the company’s planned India IPO, but the final filing timing and terms are still not stated.