Popular Vehicles IPO subscription status: Despite a choppy session in the secondary market on Thursday, Popular Vehicles and Services IPO is keeping up the zeal and is on the verge of reaching its full subscription status. The retail portion sees quite a bit of demand on the IPO's last day. With the Qualified Institutional Buyers (QIB) chipping in, it looks like the IPO might end with a full subscription.The Popular Vehicles IPO subscription status is 1.23 times at, as per BSE data.
The retail investors portion has been subscribed 1.05 times, Non Institutional Investors (NII) portion has been booked 66%, and Qualified Institutional Buyers (QIB) portion is booked 1.97 times . The employee portion has been subscribed 7.59 times.
During the second day of the issue, Popular Vehicles and Services IPO attempted to break through in an otherwise quiet market and hit its subscription target. According to BSE data, Popular Vehicles IPO subscription status was 45% on Day 2.
The retail investor portion subscribed at 78%, the NII portion has been booked at 20%, and the QIB portion was not booked. The employee portion was subscribed to 6.16 times.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
Day 1 of the Popular Vehicles and Services IPO got off to a slow start. The employee's section of the issue was completely subscribed. Investors, both institutional and retail, reacted to the issue steadily. As per BSE data, the overall subscription status was 27%.
The retail investors portion subscribed 47%, NII portion was booked 11%, and QIB portion is yet to be booked. The employee portion was subscribed 3.83 times.
It has set aside not less than 15% for NII, not more than 50%of the shares for QIB, and not less than 35% of the offer for retail investors in the public offering.
Popular Vehicles and Services IPO opened for subscription on Tuesday, March 12 and will close today (Thursday, March 14). The price band has been fixed in the range of ₹280 to ₹295 per equity share of the face value of ₹2. Popular Vehicles and Services IPO lot size is 50 equity shares and in multiples of 50 equity shares thereafter. On Monday, March 11, the Popular Vehicles and Services IPO garnered ₹180.17 crore from anchor investors.
In addition to selling new automobiles, the firm also takes care of all the maintenance and repairs that go along with them, provides spare parts and accessories, helps with the purchase and sale of old cars, operates driving schools, and assists in the marketing of financial and insurance products from other sources.
The company's listed peer as per the RHP is Landmark Cars Limited (with a P/E of 34.84).
Popular Vehicles & Services Limited's revenue grew by 40.42% between March 31, 2022, and March 31, 2023, while its profit after tax (PAT) rose by 90.31%.
Popular Vehicles IPO has received bids for 1,78,01,500 shares against 1,44,15,110 shares on offer, according to data from the BSE.
The retail investors' portion received bids for 76,34,850 shares against 72,83,477 shares on offer for this segment.
The non-institutional investors' portion received bids for 20,55,350 shares against 31,21,490 on offer for this segment.
The QIBs portion have received 78,10,150 shares against 39,70,461 shares on offer for this segment.
The employee portion have received 3,01,150 shares against 39,682 shares on offer for this segment.
Popular Vehicles and Services IPO consists a fresh issue of ₹250 crore, as well as an offer-for-sale (OFS) by the selling shareholder, BanyanTree Growth Capital II, LLC, of up to 11,917,075 equity shares with a face value of ₹2.
The company plans to use the net proceeds for various purposes, including general corporate purposes and the repayment of some loans, either fully or partially, that it and its subsidiaries, Popular Autoworks Private Limited (PAWL), Popular Mega Motors (India) Private Limited (PMMIL), Kuttukaran Green Private Limited (KGPL), Kuttukaran Cars Private Limited (KCPL), and Prabal Motors Private Limited (PMPL), have taken out.
ICICI Securities Limited, Nuvama Wealth Management Limited, and Centrum Capital Limited are the book running lead managers for the Popular Vehicles IPO, while Link Intime India Private Ltd is the registrar.
Popular Vehicles IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹295 with no premium or discount in the grey market according to investorgain.com
Today's IPO GMP points down and is expected to decrease further based on the activity of the grey market during the past 11 sessions. Analysts at investorgain.com estimate that the lowest GMP is ₹0 and the maximum GMP is ₹33.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.