Popular Vehicles & Services Limited IPO opened for subscription on March 12, 202, and it will be closed on March 14, 2024. The IPO is a book-built issue of ₹601.55 crores. The issue is a combination of a fresh issue of 0.85 crore shares aggregating to ₹250 crores and an offer for sale of 1.19 crore shares aggregating to ₹351.55 crores.
Through IPO, Popular Vehicles & Services offered a total of 2,03,95,205 shares. 40,71,551 (19.96%) to QIB, 30,53,663 (14.97%) to NII, 71,25,213 (34.94%) to RII, 37,453 (0.18%) to employees and 61,07,325 (29.94%) to Anchor investors. 142,504 RIIs will receive a minimum of 50 shares, and 1,454 Small High Net Worth Investors (sNII) and 2,908 Bigh High Net Worth Investors(bNII) will receive a minimum of 700 shares. (in case of oversubscription)
Popular Vehicles is one of the top diversified car dealerships in the nation. They are present throughout the whole automotive retail chain, including the sale of new cars and trucks as well as commercial vehicles, the distribution of spare parts, and third-party financial and insurance services.
They offer an impressive network of 83 authorised repair facilities, 29 retail outlets, 25 warehouses, 59 showrooms, 99 sales outlets, and booking offices. These are spread out throughout 14 districts in Tamil Nadu and Kerala. The two states that contribute most to the national sales of passenger vehicles are Kerala and Tamil Nadu.
On the 1st day of subscription, i.e. March 12, 2024, the IPO was subscribed 0.28x in total. QIBs subscribed 0.00x, NIIs 0.11x, retail investors subscribed 0.48x, and employee quota subscribed 4.09x.
| Sr No. | Name of Anchor Investor | No of Equity Shares Allocated | % of Anchor Investor Portion | Bid Price (₹ Per Equity Share) | Total Amount Allocated (₹) |
| 1 | HDFC Trustee Company Limited-HDFC Tax Saver Fund | 15,05,100 | 24.64 | 295 | 44,40,04,500 |
| 2 | Quant Mutual Fund- Quant Momentum Fund | 6,27,150 | 10.27 | 295 | 18,50,09,250 |
| 3 | HSBC Global Investment Funds-Asia Ex Japan Equity Smaller Companies | 6,10,200 | 9.99 | 295 | 18,00,09,000 |
| 4 | Quant Mutual Fund- Quant ConsumptionFund | 5,08,450 | 8.33 | 295 | 14,99,92,750 |
| 5 | HDFC Trustee Company Limited-HDFC Capital Builder Value Fund | 5,01,700 | 8.21 | 295 | 14,80,01,500 |
| 6 | HDFC Mutual Fund-HDFC Transportation and Logistics Fund | 2,50,850 | 4.11 | 295 | 7,40,00,750 |
As of March 12, 2024, Popular Vehicles & Services IPO’s last GMP was ₹20, With the price band of ₹295, Popular Vehicles & Services IPO’s estimated listing price is ₹315. The expected percentage gain/loss per share is 6.78%.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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