Business · India Bureau
Cars24 targets April IPO filing after completing India reverse flip
The online used car marketplace plans to become an Indian-domiciled entity through a reverse flip from Singapore, with regulatory approvals expected to enable draft prospectus filing by April next year.
LSN India ·
Cars24 is on track to file its draft red herring prospectus (DRHP) by April after completing a reverse flip to re-domicile from Singapore to India, according to the company's Chief Financial Officer Shivanshu Makkar.
The process, which involves transitioning the company incorporated in Singapore in 2015 to an Indian entity, is expected to take between six to nine months from approval, Makkar said. The company has already received approval from Singapore authorities and is now filing the necessary documentation in India to complete the structural shift.
Once Cars24 becomes an Indian-domiciled entity, it will become eligible to submit its DRHP to the Securities and Exchange Board of India (SEBI). The reverse flip process mirrors similar corporate restructurings undertaken by e-commerce giants Flipkart and Myntra ahead of their own public market listings.
Following DRHP filing, the IPO timeline is expected to span an additional three to four months for SEBI approvals, pricing determination, and book-building activities, Makkar indicated. The company's strategy reflects a broader trend among India-focused technology and e-commerce businesses seeking to list on domestic bourses.