Popular Vehicles IPO Nears Full Subscription Amid Market Volatility

14 Mar 2024 , 04:35 PM

Despite market volatility on Thursday, Popular Vehicles and Services IPO is nearing full subscription status.

The retail portion experiences significant demand on the last day, with QIB participation indicating potential full subscription. At the time of writing, Popular Vehicles IPO subscription status stands at 1.18 times, according to BSE data.

Retail investors’ portion is subscribed 1.02 times, Non-Institutional Investors (NII) portion at 0.65 times, and Qualified Institutional Buyers (QIB) portion at 1.97 times.

During the second day of the IPO, Popular Vehicles and Services aimed to achieve its subscription target amid a quiet market.

The IPO price band is set between ₹280 to ₹295 per share with a face value of ₹2, allowing bids for up to 50 shares or more.

Popular Vehicles provides comprehensive vehicle lifecycle services including sales, maintenance, spare parts, driving instruction, and insurance and financial product sales.

Landmark Cars Limited is listed as the company’s peer with a P/E ratio of 34.84, as per the Red Herring Prospectus (RHP).

Between March 31, 2022, and March 31, 2023, Popular Vehicles & Services Limited witnessed a 90.31% increase in profit after tax (PAT) and a 40.42% growth in revenue.

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