Voler car has this business update after flat debut on Dalal Street. Do you own?

After a flat listing of Voler Car on Wednesday, February 19, the company has secured two new contracts. In a recent exchange filing, the firm announced a new service contract with Motherson Air Travel Agencies Ltd for the Bihar region. The anticipated monthly revenue from this contract is expected to exceed ₹3 crores. This agreement requires a minimum of 500 vehicles to be deployed and allows for additional scalability based on performance and business requirements.

In addition, the company has obtained a new service contract with Teleperformance Global Business Private Ltd for the Noida area. The anticipated monthly revenue from this agreement is projected to exceed ₹25 lakhs, with opportunities for further expansion based on contract performance and operational needs.

The company recently informed its stakeholders about significant updates concerning service contracts since the submission of its Red Herring Prospectus (RHP).

“These developments align with our growth strategy, strengthening our presence in key regions and expanding our service offerings to large corporate clients. The company remains committed to delivering best-in-class employee transportation solutions and leveraging our asset-light business model to drive sustainable growth,” said the firm in an exchange filing.

Voler Car share price on Thursday's session opened at an intraday high of ₹93 apiece on the NSE, the stock touched an intraday low of ₹88 per share.

The firm offers comprehensive transportation services that connect homes to workplaces, backed by round-the-clock customer support, specialized teams, and a varied fleet of more than 2,500 vehicles that includes cars, SUVs, electric cars, buses, and tempo travelers. It operates in Kolkata, Mumbai, Pune, Bhubaneshwar, Delhi-NCR, and Ahmedabad, providing corporate transport through vendor-sourced and leased vehicles to ensure timely pick-ups and drop-offs as per service level agreements (SLA).

Voler Car IPO

Voler Car IPO opened for subscription on Wednesday, February 12, and closed on Friday, February 14. Voler Car IPO price band was fixed in the range of ₹85 to ₹90 per equity share of face value of ₹10 each. Bids could be made for a minimum of 1,600 equity shares and in multiples of 1,600 equity shares thereafter. On the last bidding day, Voler Car IPO subscription status was 13.62 times, according to chittorgarh.com

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

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

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

Voler Car IPO listing

Voler Car shares debuted on the NSE SME platform at ₹90 on Wednesday, same as their issue price. Nevertheless, the stock experienced a 5% decline after the listing, dropping to ₹85.50 and reaching the lower price limit.

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