Popular Vehicles & Services IPO: Popular Vehicles & Services launched its initial public offering (IPO) on Tuesday, March 12. The issue is a book-built issue of Rs 601.55 crore and is a combination of a fresh issue of 0.85 crore shares aggregating to Rs 250 crore and an offer for sale (OFS) of 1.19 crore shares aggregating to Rs 351.55 crore.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The subscription window for the IPO of the Kerala-headquartered automotive company will remain open until Thursday, March 14.

Popular Vehicles & Services IPO: Here are key details to note

Popular Vehicles & Services IPO subscription status

The IPO received bids for 1,78,01,500 shares against 1,44,15,110 shares on offer, as per provisional exchange data, translating into a subscription of 1.23 times on Thursday. The quota for Qualified Institutional Buyers (QIBs) subscribed 1.97 times while the Retail Individual Investors (RIIs) category fetched 1.05 times subscription. The portion for non-institutional investors received 66 per cent subscription.

Popular Vehicles IPO price band, Popular Vehicles IPO lot size

The price band for the IPO is set at Rs 280 to Rs 295 per share, with the minimum lot size for an application at 50 shares. Hence, the minimum amount of investment required by retail investors is Rs 14,750.

Popular Vehicles IPO open date:

Tuesday, March 12, 2024

Popular Vehicles IPO closing date:

Thursday, March 14, 2024

Popular Vehicles Allotment Date:

Friday, March 15, 2024

Popular Vehicles listing date:

Tuesday, March 19, 2024

Popular Vehicles IPO book-running lead managers

ICICI Securities, Nuvama Wealth Management, and Centrum Capital are the book-running lead managers of the Popular Vehicles & Services IPO.

Popular Vehicles IPO Registrar

Link Intime India is the registrar for the issue.

What does Popular Vehicles & Services do?

Incorporated in 1983, Popular Vehicles and Services is engaged in the business of automobile dealerships in India.

The company provides complete services throughout the life cycle of vehicle ownership, including sales of new and pre-owned vehicles, servicing, spare parts distribution, driving schools, and third-party financial and insurance product sales.

For all other news related to business, politics, tech and auto, visit Zeebiz.com.