Upcoming IPO: Voler Cars IPO opens on February 12; issue price band set at ₹85-90 apiece; check GMP

Upcoming IPO: Voler Car Ltd IPO will open for subscription on Wednesday, February 12, and close on Friday, February 14. Voler Car IPO price band has been fixed in the range of ₹85 to ₹90 per equity share of face value of ₹10 each. Bids can be made for a minimum of 1,600 equity shares and in multiples of 1,600 equity shares thereafter.

The IPO comprises 50% of the net issue for QIB, 35% for retail investors and 15% of the net issue for the NII segment.

The company provides extensive transportation services from home to office, featuring 24/7 customer support, specialized teams, and a diverse fleet of over 2,500 vehicles, which includes cars, SUVs, electric vehicles, buses, and tempo travelers. It operates in Kolkata, Mumbai, Pune, Bhubaneshwar, Delhi-NCR, and Ahmedabad, delivering corporate transportation using vendor-sourced and leased vehicles to guarantee punctual pick-ups and drop-offs in accordance with service level agreements (SLA).

Throughout FY 2023 and FY 2024, the profit after tax (PAT) and PAT margins have consistently outperformed those of industry competitors, as per the red herring prospectus (RHP). In FY 24, the firm's PAT amounted to ₹356.29 lakhs, with a PAT margin of 11.53%, marking a significant rise from the previous year’s FY 23 PAT, where it was ₹199.23 lakhs with a PAT margin of 8.31%.

According to the RHP, the company’s competitors include Wise Travel India Ltd (boasting a P/E of 14.07) and Shree OSFM E-Mobility Ltd (featuring a P/E of 16.77).

Voler Cars IPO details

Voler Cars IPO consists of a fresh issue of 30,00,000 equity shares, aggregating to ₹27 crore. There's no offer for sale (OFS) component.

The company intends to allocate the net proceeds from the issuance for several purposes, including meeting the working capital needs of the Company, addressing General Corporate Purposes, and covering IPO Issue costs.

GYR Capital Advisors Private Limited acts as the book-running lead manager for the Voler Car IPO, whereas Kfin Technologies Limited serves as the registrar for this offering. The market maker associated with the Voler Car IPO is Wiinance Financial Services Private Limited.

Voler Cars IPO GMP today

Voler Cars IPO GMP today is +11. This indicates Voler Cars share price was trading at a premium of ₹11 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 Voler Cars share price is indicated at ₹101 apiece, which is 12.22% higher than the IPO price of ₹90.

According to investorgain.com experts, no significant changes have been seen in GMP based on the grey market activities of the last six sessions and today’s IPO GMP trend, and a similar pattern is anticipated until the listing day.

'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.