Popular Vehicles and Services IPO tries to sail through on day 2 in an overall subdued market; GMP falls sharply

  • Popular Vehicles and Services IPO open for subscription from March 12 to March 14 with a price band of 280-295 per equity share. Company handles all aspects of car ownership, while PAT increased by 90.31% and revenue by 40.42% between March 2022 and March 2023.

Dhanya Nagasundaram
First Published13 Mar 2024, 02:40 PM IST
Popular Vehicles and Services IPO opened for subscription on Tuesday, March 12 and will close tomorrow (Thursday, March 14).
Popular Vehicles and Services IPO opened for subscription on Tuesday, March 12 and will close tomorrow (Thursday, March 14). (https://www.popularmaruti.com/)

Popular Vehicles IPO subscription status: In an overall subdued market, Popular Vehicles and Services IPO is trying to make its way out to reach full subscription numbers. Popular Vehicles and Services IPO subscription status is 45%, as per BSE data. 

The retail investors portion subscribed 78%, Non Institutional Investors (NII) portion has been booked 20%, and Qualified Institutional Buyers (QIB) portion is yet to be booked. The employee portion has been subscribed 6.16 times.

Popular Vehicles and Services IPO was off to a sluggish start on Day 1. The issue's employee portion was fully booked. Retail and non-institutional investors responded gradually to the issue. The overall subscription status was 27%, as per BSE data.

Also Read: Popular Vehicles and Services IPO Day 2: Check GMP, review, subscription status. Should you subscribe to the issue?

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 reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.

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Popular Vehicles and Services IPO details.

Popular Vehicles and Services IPO opened for subscription on Tuesday, March 12 and will close tomorrow (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.Popular Vehicles and Services IPO garnered 180.17 crore from anchor investors on Monday, March 11.

Also Read: Popular Vehicles and Services IPO receives lukewarm response on day 1, issue booked 27%; check GMP

The company handles every aspect of owning a car, including selling new cars, maintaining and repairing them, giving out spare parts and accessories, helping to buy and sell used cars, running driving schools, and helping to sell insurance and financial products from third parties.

The company's listed peer as per the RHP is Landmark Cars Limited (with a P/E of 34.84).

Between March 31, 2022, and March 31, 2023, Popular Vehicles & Services Limited's profit after tax (PAT) climbed by 90.31% while its revenue grew by 40.42%.

Also Read: Popular Vehicles IPO opens today: GMP, subscription status, review, other details. Apply or not?

Popular Vehicles and Services IPO Subscription Status

Popular Vehicles IPO has received bids for 65,36,450 shares against 1,44,15,110 shares on offer, according to data from the BSE.

The retail investors' portion received bids for 56,47,050 shares against 72,83,477 shares on offer for this segment.

The non-institutional investors' portion received bids for 6,38,850 shares against 31,21,490 on offer for this segment.

The QIBs portion have received 6,100 shares against 39,70,461 shares on offer for this segment.

The employee portion have received 2,44,450 shares against 39,682 shares on offer for this segment.

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

Popular Vehicles and Services IPO details

Popular Vehicles and Services IPO comprises a fresh issue of 250 crore, and an offer-for-sale (OFS) of up to 11,917,075 equity shares of face value of 2 each by the selling shareholder, BanyanTree Growth Capital II, LLC.

The company intends to allocate the net proceeds to finance various goals, including the complete or partial repayment and/or prepayment of certain loans obtained by the company 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); together with general corporate purposes.

The Popular Vehicles IPO's book running lead managers are ICICI Securities Limited, Nuvama Wealth Management Limited, and Centrum Capital Limited, and the registrar is Link Intime India Private Ltd.

Also Read: Popular Vehicles and Services IPO: Planning to invest? Know 10 key risk factors involved before subscribing to issue

Popular Vehicles and Services IPO GMP today

Popular Vehicles IPO GMP today or grey market premium is +5. This indicates Popular Vehicles and Services share price were trading at a premium of 5 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Popular Vehicles and Services share price was indicated at 300 apiece, which is 1.69% higher than the IPO price of 295.

Based on last 10 sessions grey market activities, the current GMP ( 5) is showing signals towards the lower side. The lowest GMP is 0, while the highest GMP is 33, according to investorgain.com analysts. 

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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First Published:13 Mar 2024, 02:40 PM IST
HomeMarketsIPOPopular Vehicles and Services IPO tries to sail through on day 2 in an overall subdued market; GMP falls sharply

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