Updated March 12th, 2024 at 13:39 IST

Popular Vehicles & Services IPO: Check IPO dates, lot size and other details here

Popular Vehicles & Services IPO: The company has reserved 30 per cent shares in the IPO for anchor investors.

Reported by: Business Desk
Popular Vehicles & Services IPO | Image:Unsplash
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Popular Vehicles & Services IPO: Popular Vehicles & Services share sale via initial public offering (IPO) opened for subscription on Tuesday, March 12 and will close on March 14. The company is planning to raise Rs 602 crore from the IPO which is a combination of fresh issue and an offer for sale by its investors.

All you need to know about Popular Vehicles & Services IPO

Popular Vehicles & Services IPO price band

Popular Vehicles & Services is selling shares in price band of Rs 280-295 per share and a retail investor can bid for minimum one lot of 50 shares up to maximum of 13 lots. One lot of Popular Vehicles & Services shares in the IPO is priced at Rs 14,750 at the upper end of the price band.

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The company has reserved 30 per cent shares in the IPO for anchor investors, 20 per cent shares are set aside for qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent shares set aside for retail investors.

The company raised Rs 180 crore from anchor investors a day ahead of the IPO. HDFC Mutual Fund, HSBC Global Investment Funds, Lionglobal Investment Funds, BofA Securities Europe SA, Pinebridge Global Funds, and ITI Mutual Fund among other participated in the anchor investor placement.

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Popular Vehicles & Services IPO comprises of fresh issue worth Rs 250 crore and an offer for sale (OFS) worth Rs 352 crore. The company will use proceeds from fresh issue for repayment or pre-payment, in full or part, of certain borrowings, availed by the company and certain of the subsidiaries, namely, VMPL, PAWL, PMMIL, KGPL, KCPL and PMPL and for general corporate purposes.

About Popular Vehicles 

Established in 1983, Popular Vehicles and Services operates as a prominent automobile dealership in India. The company offers a comprehensive range of services spanning the entire lifecycle of vehicle ownership. These services encompass the sales of both new and preowned vehicles, servicing, distribution of spare parts, driving schools, as well as facilitating third-party financial and insurance product sales.

Popular Vehicles' business operations are categorised into three distinct segments - Passenger Vehicles, including luxury variants, commercial vehicles and electric two-wheeler and three-wheeler vehicles.
 

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Published March 12th, 2024 at 13:01 IST