Discover the latest buzz surrounding the Popular Vehicles and Services IPO! Despite a slow start, this offering is capturing investor attention with its potential for growth and exciting prospects in the automotive industry. Don’t miss out on the opportunity to learn more about this hot topic in the financial world!
Popular Vehicles and Services IPO
As reported earlier the car dealership giant based in Kerela Popular Vehicles and Services IPO was slated to open for subscription today. The debut of the Popular Vehicles and Services IPO saw a slow start on its first day, although the employee portion was fully booked, retail and non-institutional investors showed gradual interest in the offering and the overall subscription status stood at 27%.
Popular Vehicles and Services IPO Subscription Details
- Retail investors subscribed to 47% of their portion.
- Non-Institutional Investors (NII) booked 11%.
- The qualified Institutional Buyers (QIB) portion is yet to be booked.
- The employee portion was oversubscribed by 3.83 times.
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Allocation and Offer Details
- Qualified Institutional Buyers (QIB): Up to 50%
- Non-Institutional Investors (NII): Not less than 15%
- Retail Investors: Not less than 35%
- Employee Portion: Reserved equity shares aggregating up to ₹1 crore, with a discount of ₹28 per equity share offered to eligible employees.
The IPO opened for subscription on Tuesday, March 12, and will close on Thursday, March 14. The price band is set between ₹280 to ₹295 per equity share of face value ₹2, with a lot size of 50 equity shares and multiples thereof.
Popular Vehicles and Services IPO Subscription Status
As of now, the IPO has received bids for 39,27,750 shares against 1,44,15,110 shares on offer. Here’s the breakdown:
- Retail investors bid for 34,22,200 shares against 72,83,477 shares.
- Non-institutional investors bid for 3,49,350 shares against 31,21,490 shares.
- Qualified Institutional Buyers (QIBs) bid for 4,100 shares against 39,70,461 shares.
- The employee portion received bids for 1,52,100 shares against 39,682 shares.
The IPO comprises a fresh issue of ₹250 crore and an offer-for-sale (OFS) of up to 11,917,075 equity shares by the selling shareholder, BanyanTree Growth Capital II, LLC. The net proceeds will be allocated towards various goals, including loan repayment and general corporate purposes.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and BSE, NSE have contributed to the above report
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