The initial public offer (IPO) of Popular Vehicles and Services received 1,77,74,350 bids for shares as against 1,44,15,110 shares on offer, according to stock exchange data at 17:30 IST on Thursday (14 March 2024). The issue was subscribed 1.23 times. The issue opened for bidding on Tuesday (12 March 2024) and it will close on Thursday (14 March 2024). The price band of the IPO is fixed at Rs 280 to 295 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
The IPO comprised fresh issue of equity shares up to Rs 250 crore and an offer for sale of 1,19,17,075 equity shares, aggregating up to Rs 351.55 crore, by BanyanTree.
The objectives for the fresh issue include Rs 192 crore for repayment and/or pre-payment of certain borrowings, and the remaining amount for general corporate purposes.
The promoters and promoter group hold an aggregate of 69.45% of the pre-offer issued and paid-up equity share capital. Their post-IPO shareholding is expected to be around 61.18%.
Ahead of the IPO, Popular Vehicles and Services on Monday, 11 March 2024 raised Rs 180.16 crore from anchor investors. The board allotted 61.07 lakh shares at Rs 295 each to 18 anchor investors.
Popular Vehicles and Services is an automobile dealer. The company caters to the complete life cycle of vehicle ownership, from sale of new vehicles, servicing and repairing vehicles, distributing spare parts and accessories, facilitating sale and exchange of preowned vehicles and sale of third-party financial and insurance products, and operating driving schools.
The company categorizes its automobile dealership business into three key segments: passenger vehicles including luxury vehicles; commercial vehicles and electric two-wheelers and three-wheelers.
The firm reported a net profit of Rs 40.05 crore and sales of Rs 2,835 crore for the six months ended on 30 September 2023.
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