Popular Vehicles & Services Limited IPO was Subscribed to 1.24x on Day 3

Leading car dealership operator Popular Vehicles & Services Ltd came up with an IPO, which was opened on March 12, 2024 and closed on March 14, 2024. The company is raising a total of ₹601.55 crores through this book-built issue. The IPO is a combination of a fresh issue and an offer for sale. The fresh issue portion is likely to raise ₹250 crore via the issue of 0.85 crore shares, and the company will raise ₹351.55 crore from the offer-for-sale component.

The company 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.

About Popular Vehicles & Services Limited

Incorporated in 1983, Popular Vehicles is one of the leading diversified car dealerships in the country. The company caters to the complete life cycle of vehicle ownership, right from the sale of new vehicles, servicing and repairing vehicles, distributing spare parts and accessories, to facilitating the sale and exchange of pre-owned vehicles, operating driving schools and facilitating the sale of third-party financial and insurance products.

It serviced 7,91,360 vehicles – 5,212 luxury, 163,013 commercial, 1,918 electric two-wheeler, and 857 electric three-wheeler vehicles – through 130 authorised service centres across dealerships in FY23.

Day Wise Subscription

1. 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.
2. On the 2nd day of subscription, i.e. March 13, 2024, the IPO was subscribed 0.46x in total. QIBs subscribed 0.00x, NIIs 0.21x, retail investors subscribed 0.80x, and employee quota subscribed 6.57x.
3. On the 3rd day of subscription, i.e. March 14, 2024, the IPO was subscribed 1.24x in total. QIBs subscribed 1.92x, NIIs 0.67x, retail investors subscribed 1.07x, and employee quota subscribed 7.99x.

Popular Vehicles & Services IPO GMP

As of March 14, 2024, the GMP of Popular Vehicles IPO was ₹0, which meant shares were trading at their issue price of ₹295 with no premium or discount in the grey market, as per investorgain.com

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.