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Popular Vehicles and Services IPO debut: Listing at 2% discount to issue price. Check all details here
Popular Vehicles and Services share price: The company's share had no premium in the unlisted market ahead of the listing as well.
Popular Vehicles and Services share price: Shares of Popular Vehicles and Services debuted on the exchanges with a discount of 2% today (March 19). The stock listed at ₹289.2 on NSE against an offer price of ₹295. On the BSE, the stock listed at ₹292, down 1%. The company's share had no premium in the unlisted market ahead of the listing as well.
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As per BSE data, the subscription status for the Popular Vehicles IPO was 1.23 times on the last day of bidding as portion for retail investors was subscribed 1.05 times, portion for non-institutional investors (NII) booked at 66% and portion for qualified institutional buyers (QIB) at 1.97 times.
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Popular Vehicles and Services IPO details
The public issue opened for subscription on March 12 and ended on March 14 with a price band of ₹280 to ₹295 with a face value of ₹2. In the IPO, 15% was set aside for NII while 50% of the shares was reserved for QIB, and 35% of the offer was for retail investors. The company raised ₹180.17 crore from anchor investors on March 11. The IPO consisted of a fresh issue of ₹250 crore as well as an offer-for-sale (OFS) by the selling shareholder BanyanTree Growth Capital II, LLC and the book running lead managers of the IPO are ICICI Securities Limited, Nuvama Wealth Management Limited, and Centrum Capital Limited while the registrar is Link Intime India Private Ltd.
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Popular Vehicles and Services financials
The company recorded a net profit of ₹64.07 crore in FY23, up 90.3 percent while the revenue surged 40.65 percent year-on-year to ₹4,875 crore. EBITDA (earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 35.5 percent to ₹217.2 crore, data showed.
