Carraro India, a Pune-based manufacturer of transmission systems for off-highway vehicles, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth Rs 1,812 crore.

The IPO, offering shares with a face value of Rs 10 each, will be a complete offer for sale (OFS) by Carraro International S.E. It will be conducted through a book-building process, with allocations set as follows: up to 50% for qualified institutional buyers, at least 15% for non-institutional investors, and at least 35% for retail individual investors.

Founded in 1997, Carraro India is a subsidiary of Carraro S.p.A and began its manufacturing operations in 1999. The company specialises in transmission systems and axles for agricultural and construction vehicles. Its product range includes components for tractors, backhoe loaders, and other off-highway equipment.

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The company has grown significantly, with domestic sales rising to 64.82% of its revenue in FY24, compared to nearly complete exports in 1997. Carraro India operates two manufacturing plants in Pune, focusing on drivelines and gears. Its revenue increased by 4.44% from Rs 1,695.12 crore in Fiscal 2023 to Rs 1,770.45 crore in Fiscal 2024, while profit after tax grew by 29.44%.

Carraro India operates two manufacturing plants in Pune: one for drivelines and one for gears. For FY24, the driveline plant’s capacity utilisation was 81.07%, while the gears plant’s capacity utilisation was 89.94%.

The IPO will be managed by Axis Capital Limited, BNP Paribas, and Nuvama Wealth Management Limited, with Link Intime India Private Limited serving as the registrar. The shares are expected to be listed on both BSE and NSE.

Carraro India maintains long-term relationships with major OEMs like CNH, TAFE, and Mahindra & Mahindra, and has a strong network of suppliers both in India and internationally.