Digital car-retailing platform CarDekho has appointed IIFL, Axis Capital, Goldman Sachs and Nomura as bookrunning managers for its initial public offering, according to two sources familiar with the situation.

The Gurugram, India-headquartered company intends to raise USD 300m-USD 500m from the share sale, they said, adding the deal will comprise both a primary share sale and an offer of sale by existing investors.

In 2021, the company raised USD 250m at a USD 1.2bn valuation from Harbor Spring Capital, Franklin Templeton, Mirae Asset, Canyon Partners, in participation with existing backers Sunley House and Peak XV, per media reports.

CarDekho’s other backers include Google Capital, Hillhouse, Tybourne Capital, Times Internet and HDFC Bank, among others, per media reports.

The company is looking to get listed in 2025, with a draft red herring prospectus to be filed in the first half of the year, the first source said.

In FY24 ended March 2024, it clocked a net loss of INR 3.4bn (USD 39.6m) on a revenue of INR 20.7bn, compared with a loss of INR 5.6bn on a topline of INR 13.4bn in the previous fiscal year, per a local media report.

CarDekho, IIFL, Axis Capital, and Goldman Sachs did not respond to requests seeking comment. Nomura declined to comment.

Founded in 2008, CarDekho is GirnarSoft’s flagship brand, which began as an online car search portal and later expanded into used car classified advertising in 2014 after the acquisition of Gurugram-based Gaadi.com, per its website.

The company has tie-ups with auto manufacturers, with more than 4,000 car dealers and financial institutions to facilitate the purchase of vehicles, per its website.

[Editor’s note: The article has been updated post-publication to note that Nomura declined to comment.]