Investors and automobile enthusiasts alike are gearing up for the much-anticipated Initial Public Offering (IPO) of Popular Vehicles & Services Limited, a prominent player in the automotive industry. The IPO is set to open for subscription on March 12, 2024, with an ambitious goal of raising Rs 601.55 crore.
The offering comprises a fresh issue of 85 lakh shares, amounting to Rs 250.00 crore, along with an offer for sale of 1.19 crore shares, valued at Rs 351.55 crore. This move is poised to attract a wide range of investors eager to get a slice of the automotive pie.
Key Details:
- Opening Date: The Popular Vehicles & Services IPO is scheduled to open for subscription on March 12, 2024.
- Fundraising Goal: The company aims to raise a substantial Rs 601.55 crore through this public offering.
- Issue Composition: The offering consists of a fresh issue of 85 lakh shares and an offer for sale of 1.19 crore shares.
- Subscription Period: Potential investors have the opportunity to subscribe to the public issue until March 14, 2024.
- Allotment Date: The allotment process is expected to conclude on Friday, March 15, 2024.
- Listing Date: The company anticipates its shares to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) tentatively by Tuesday, March 19, 2024.
- Price Band: The price band for the IPO is set between Rs 280 to Rs 295 per share.
- Minimum Lot Size: The minimum lot size is fixed at 50 shares, requiring a minimum investment of Rs 14,750 for retail investors.
- Investment Requirements for NII and QIB: Non-Institutional Investors (NII) need to invest a minimum of Rs 206,500, while Qualified Institutional Buyers (QIB) must consider a minimum investment of Rs 1,003,000.
Lead Managers and Registrar:
The responsibility of managing this IPO falls on ICICI Securities Limited, Nuvama Wealth Management Limited, and Centrum Capital Limited, who will act as the book running lead managers. Link Intime India Private Ltd is set to oversee the registrar duties for the issue.
Utilization of Proceeds:
Proceeds from the IPO will primarily be utilized for the repayment and/or pre-payment of certain borrowings undertaken by Popular Vehicles & Services and its subsidiaries, including VMPL, PAWL, PMMIL, KGPL, KCPL, and PMPL. Additionally, funds will be allocated for general corporate purposes.
