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Popular Vehicles and Services IPO fully subscribed on the last day, check key details

Upstox

3 min read | Updated on March 14, 2024, 18:55 IST

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SUMMARY

Popular Vehicles and Services IPO share allotment is expected to be finalised on Friday, March 15. Shares of Popular Vehicles and Services are tentatively scheduled to be listed on BSE and NSE on Tuesday, March 19.

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Popular Vehicles and Services IPO fully subscribed on last day, check key details

Popular Vehicles and Services IPO, a book build issue of ₹601.55 crore, was fully subscribed on the final day of bidding on Thursday, March 14. Overall, the IPO was subscribed 1.23 times. The initial public offer saw a strong demand from retail investors and qualified institutional buyers (QIBs) as both segments were fully subscribed.

The Popular Vehicles and Services IPO, which opened for subscription on March 12, initially received a tepid response from investors on the first two days. However, on the third and final day, the issue received bids for nearly 1.78 crore shares compared to 1.44 crore shares on offer for public investors, according to the NSE data.

The QIBs portion was subscribed 1.97 times, while the retail portion was booked 1.05 times. On the other hand, the non-institutional investors (NIIs) booked only 66%.

The public issue received bids for 78.1 lakh shares in the QIB category compared to 39.7 lakh shares reserved for the segment. The retail investors submitted bids for 76.11 lakh shares against 72.83 shares set aside for the category. The NIIs applied for 20.52 lakh shares compared to 31.21 lakh shares on offer.

The Popular Vehicles and Services IPO is a mix of a fresh issue of 85 lakh shares worth ₹250 crore and offer-for-sale (OFS) of 1.19 crore shares worth ₹351.55 crore.

The Popular Vehicles and Services Ltd IPO price band was fixed at ₹280 to ₹295 per share. The IPO lot size for retail investors was 50 shares, aggregating to a minimum investment of ₹14,750.

Popular Vehicles and Services IPO share allotment is expected to be finalised on Friday, March 15. Subsequently, on Monday, March 18, refunds will be initiated for non-allottees and shares will be credited to the Demat accounts of successful bidders on the same day.

Shares of Popular Vehicles and Services are expected to be listed on BSE and NSE on Tuesday, March 19.

The IPO proceeds will be used to repay or prepay certain borrowings of the company and its subsidiaries. The funds will also be used for general corporate purposes. Link Intime India Pvt Ltd is the registrar to the public offer.

About Popular Vehicles and Services Limited

Incorporated in 1983, Popular Vehicles and Services Limited operates within the automotive dealership sector in India.

The company provides a wide range of services across the entire vehicle ownership lifecycle including new and pre-owned vehicle sales, servicing, spare parts distribution, etc. The company has its headquarters in Kochi, with operational presence in entire Kerala and Tamil Nadu.

As of December 31, 2023, the company’s operations included 61 showrooms, 133 sales outlets, 32 pre-owned vehicle showrooms, 139 authorised service centres, 43 retail outlets and 24 warehouses. These are spread in 14 districts of Kerala, 8 districts of Karnataka, 12 districts of Tamil Nadu and 9 districts of Maharashtra.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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