Popular Vehicles and Services Day 2 of the IPO

13 Mar 2024 , 09:55 PM

The Popular Vehicles and Services IPO is attempting to break through in order to obtain full subscription numbers in a generally quiet market. According to BSE data, the subscription status for Popular Vehicles and Services IPO is 45%.

78% of the shares were subscribed by retail investors, 20% by non-institutional investors (NII), and the remaining amount, reserved for qualified institutional buyers (QIBs), has not yet been booked. 6.16 subscriptions have been made to the employee part.

Popular Vehicles and Services Day 1 of IPO got off to a slow start. The staff section of the problem was completely reserved. Investors, both institutional and retail, reacted to the problem gradually. According to BSE, the entire subscription status was 27%.

Retail investors subscribed to 47% of the allotment, NII subscribed 11% of the allotment, and QIB has not yet placed significant bids. There were 3.83 times subscriptions for the employee section.

It has set aside a minimum of 15% of the shares for non-institutional institutional investors (NII), a maximum of 50% of the shares for qualified institutional buyers (QIB), and a minimum of 35% of the offer for retail investors.

The subscription period for the Popular Vehicles and Services IPO began on Tuesday, March 12 and ends tomorrow, Thursday, March 14.  For each equity share with a face value of ₹2, the price band has been set between ₹280 and ₹295. 50 equity shares make up each IPO lot for Popular Vehicles and Services, and afterward, there will be multiples of 50 equity shares.On Monday, March 11, anchor investors contributed ₹180.17 crore to the Popular Vehicles and Services IPO.

The corporation manages every facet of car ownership, from selling new vehicles to maintaining and repairing them, providing spare parts and accessories, assisting in the purchase and sale of used vehicles, operating driving schools, and assisting in the marketing of financial and insurance goods from outside sources.

Landmark Cars Limited, which has a P/E of 34.84, is the company’s listed peer according to the RHP.

While revenue increased by 40.42%, Popular Vehicles & Services Limited’s profit after tax (PAT) increased by 90.31% between March 31, 2022, and March 31, 2023.

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