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

  • Popular Vehicles IPO GMP: Shares of the company are available at a premium of 26 in the grey market today, say market observers

Asit Manohar
Updated12 Mar 2024, 03:22 PM IST
Popular Vehicles IPO subscription date: The book build issue has hit the Indian primary market today and will remain available for subscribers till 14th March 2024.
Popular Vehicles IPO subscription date: The book build issue has hit the Indian primary market today and will remain available for subscribers till 14th March 2024.(Photo: Courtesy company website)

Popular Vehicles IPO: The initial public offering (IPO) of Popular Vehicles & Services Limited has opened today and will remain open for subscribers till 14th March 2024 i.e. till Thursday this week. This means Popular Vehicles IPO subscription will remain open from Tuesday to Thursday this week. The auto dealer company has fixed the Popular Vehicles IPO price band at 280 to 295 per equity share. The book build issue aims to raise 601.55 crore from its initial public offer. The initial offer is proposed for listing on BSE and NSE. Ahead of Popular Vehicles IPO subscription opening date, shares of the company are available for trade in the grey market. According to stock market observers, Popular Vehicles IPO GMP (grey market premium) today is 26.

Popular Vehicles IPO subscription status

By 3:18 PM on day one of bidding, the public issue was subscribed 0.23 times, the retail portion was booked 0.40 times while the NII segment was booked 0.08 times. However, the employees segment got fully subscribed as it received bids to the tune of 3.41 times of the initial offer.

Popular Vehicles IPO details

1] Popular Vehicles IPO GMP: Shares of the company are available at a premium of 26 in the grey market today, say market observers.

2] Popular Vehicles IPO price band: The automobile dealer company has fixed the issue price at 280 to 295 apiece.

3] Popular Vehicles IPO subscription date: The book build issue has hit the Indian primary market today and will remain available for subscribers till 14th March 2024.

4] Popular Vehicles IPO size: The public issue is a combination of fresh shares and OFS (Offer for Sale). The company aims to raise 601.55 crore from its initial offer out of which 250 crore is aimed from the issuance of fresh shares. The rest 351.55 crore is reserved for the OFS.

Infographic: Courtesy mintgenie

5] Popular Vehicles IPO lot size: A bidder will be able to apply in lots and one lot of the public issue comprises 50 shares of the automobile retailer company.

6] Popular Vehicles IPO allotment date: The finalization of share allocation is most likely on 15th March 2024 i.e. on Friday this week.

7] Popular Vehicles IPO registrar: Link Intime Private Limited has been appointed as the official registrar of the Popular Vehicles IPO.

8] Popular Vehicles IPO listing: The book build issue is proposed for listing on BSE and NSE.

9] Popular Vehicles IPO listing date: The most likely date for share listing is 19th March 2024.

Popular Vehicles IPO: Good or bad for investors?

10] Popular Vehicles IPO review: On whether one should apply for the public issue or not, BP Equities said, "On the financial performance front, the company’s Revenue/EBITDA/PAT grew at a CAGR of 29.8%/20.7%/40.6% during the FY2021-23 period. On the upper price band, the issue is valued at a P/E of 28.9x based on FY2023 earnings which we feel is fairly valued. We, therefore, recommend a “Subscribe” rating for the issue."

Ventura Securities has also given a 'subscribe' tag to the book build issue saying, "Popular Vehicles operates across three main segments: passenger vehicles (including luxury vehicles), commercial vehicles, and electric two-wheeler and three-wheeler vehicles. Leveraging a vast network comprising 59 showrooms, 126 sales outlets, and booking offices, 31 preowned vehicle showrooms and outlets, 134 authorized service centers, 40 retail outlets, and 24 warehouses spread across key regions in India, the company ensures extensive coverage and accessibility to its customers."

Canara Bank Securities has also given a 'subscribe' tag to the public issue whereas Sushil Finance has given a 'may apply' tag to the running mainboard IPO.

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

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First Published:12 Mar 2024, 03:22 PM IST
HomeMarketsIPOPopular Vehicles IPO opens today: GMP, subscription status, review, other details. Apply or not?

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