Popular Vehicles and Services IPO: Anchor investors pick shares worth ₹180 crore ahead of public issue

In an exchange filing to the exchanges on Monday, the company disclosed the allocation of 61,07,325 equity shares to anchor investors at a price of 295 per equity share.

Vaamanaa Sethi
First Published11 Mar 2024, 09:19 PM IST
Popular Vehicles IPO price: The company has fixed the price band of the public issue at  <span class='webrupee'>₹</span>280 to  <span class='webrupee'>₹</span>295 per equity share.
Popular Vehicles IPO price: The company has fixed the price band of the public issue at ₹280 to ₹295 per equity share.(Photo: Courtesy company website)

Popular Vehicles and Services, an automobile dealer, announced that it garnered 180.17 crore from anchor investors on March 11, just ahead of the company's IPO launch in Kerala. 

According to an exchange filing, the company has allocated 61,07,325 equity shares to anchor investors at a price of 295 per equity share on Monday.

Also read: Popular Vehicles & Services IPO: From price band to GMP, here are 10 things to know about the upcoming public issue

"The IPO Committee of the Company at its meeting held on March 11. 2024, in consultation with ICICI Securities Limited. Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and Centrum Capital Limited ("the Book Running Lead Managers"). It has finalized allocation of 61.07.325 Equity Shares, to Anchor Investors at Anchor Investor Allocation Prive (which was decided by the Company in consultation with the Book Running Lead Managers) of 3 295/- per Equity Share (including share premium of 2 293/- per Equity Share," the company said.

Participating in the anchor book round of the Popular Vehicles and Services IPO were notable entities such as HDFC Mutual Fund, Quant Mutual Fund, HSBC Global Investment Funds, Lion global Investment Funds, BofA Securities Europe SA, Pinebridge Global Funds, ITI Mutual Fund, Citigroup Global Markets Mauritius, SBI General Insurance Company, LC Pharos Multi-Strategy Fund, 3P India Equity Fund, Integrated Global Strategies Asia, and Copthall Mauritius Investment.

"Out of the total allocation of 61,07,325 equity shares to anchor investors, 38,14,148 equity shares were allocated to three domestic mutual funds, which have applied through a total of 8 schemes," it further added.

Also read: Popular Vehicles IPO opens next week. GMP, review, other details of upcoming IPO

The automotive dealer aims to raise over 601.55 crore through its Initial Public Offering (IPO). The upcoming IPO comprises a fresh issuance of shares valued at 250 crore and an offer-for-sale of 1.19 crore equity shares worth 351.55 crore.

The price band for the upcoming IPO has been set at 280-295 per share. ICICI Securities Limited, Nuvama Wealth Management Limited, and Centrum Capital Limited are the book running lead managers, meanwhile, Link Intime India Private Ltd is the registrar for the issue.

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First Published:11 Mar 2024, 09:19 PM IST
HomeMarketsIPOPopular Vehicles and Services IPO: Anchor investors pick shares worth ₹180 crore ahead of public issue

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