Popular Vehicles and Services refile IPO papers with SEBI

3 Oct 2023 , 09:09 AM

Popular Vehicles and Services, a company engaged in automotive dealerships, has submitted preliminary documents to the capital markets regulator Sebi, with plans to raise funds through an initial public offering (IPO). 

This marks the company’s second attempt to go public, as it had previously filed draft papers with Sebi in August 2021 for an IPO but postponed the offering due to uncertain market conditions.

According to the Draft Red Herring Prospectus (DRHP) filed on September 28, the IPO includes a fresh issue of equity shares worth Rs 250 crore and an offer-for-sale (OFS) of 1.42 crore equity shares by Banyantree Growth Capital II, LLC. Additionally, the company is seeking to raise Rs 50 crore through a pre-IPO placement round, which could reduce the size of the fresh issue.

Headquartered in Kerala, Popular Vehicles and Services is a prominent diversified automotive dealership in India. The company has a comprehensive presence across the automotive retail value chain, including the sale of new passenger and commercial vehicles, vehicle services and repairs, spare parts distribution, sale of pre-owned passenger vehicles, and facilitating the sale of third-party financial and insurance products.

The IPO advisory team for Popular Vehicles and Services consists of ICICI Securities, Nuvama Wealth Management, and Centrum Capital, which will provide guidance on the offering.