Popular Vehicles IPO subscribed 45% on day two of offer

Source : PTI | The initial share sale of Popular Vehicles and Services Limited got subscribed 45% on the second day of subscription on Wednesday. The INR 601.55 crore-Initial Public Offer (IPO) received bids for 65,31,800 shares against 1,44,15,110 shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) attracted 77% subscription while the non-institutional investors part got subscribed 20%.

The IPO has a fresh issue of up to INR 250 crore and an offer for sale of up to 1,19,17,075 equity shares.

The price range for the Kochi-based company’s offer is INR 280-295 a share.

On Monday, Popular Vehicles and Services said it has garnered INR 180.17 crore from anchor investors.

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

Popular Vehicles and Services 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 (formerly known as Edelweiss Securities Ltd) and Centrum Capital are the managers to the offer.

The equity shares of the company will be listed on the BSE and NSE.