Popular Vehicles and Services to float IPO on Mar 12

Source : PTI | New Delhi: Popular Vehicles and Services Ltd, which is engaged in automotive dealerships, is set to launch its Initial Public Offering (IPO) on March 12. The initial share sale will conclude on March 14 and the bidding for anchor investors will open for a day on March 11, according to the Red Herring Prospectus (RHP).

The IPO comprises a fresh issuance of equity shares worth INR 250 crore and an Offer For Sale (OFS) of 1.19 crore equity shares by Banyantree Growth Capital II, LLC.

At present, promoters hold a 69.45% stake in Popular Vehicles and Services and Banyan Tree owns over 30 % stake in the company.

Proceeds of the fresh issue will be used for payment of debt and general corporate purposes.

The Kerala-based company is a leading diversified automotive dealership in the country with a presence across the automotive retail value chain, including the sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles, and facilitation of the sale of third-party financial and insurance products.

It operates passenger vehicle dealerships of Maruti Suzuki, Honda, and JLR and the commercial vehicle dealership of Tata Motors.

ICICI Securities, Nuvama Wealth Management and Centrum Capital are the book-running lead managers for advising the company on the IPO. The equity shares of the company will be listed on the BSE and NSE.