Popular Vehicles IPO subscribed 40% so far on day 2

13 Mar 2024 , 12:48 PM

The IPO of Popular Vehicles and Services commenced its subscription on Tuesday, March 12, and is set to close tomorrow, Thursday, March 14. Despite a sluggish start on the first day, the employee portion was fully subscribed within the initial half of the day. According to BSE data, the overall subscription rate stood at 27% on day 1. Specifically, the retail investors’ portion saw a subscription rate of 47%, while the Non-Institutional Investors (NII) portion reached 11%. The Qualified Institutional Buyers (QIB) portion remained unbooked. The employee portion witnessed a subscription rate of 3.83 times. Click here to subscribe the IPO.

Moving to day 2, the IPO garnered bids for 57,24,900 shares out of the total 1,44,15,110 equity shares available for subscription. The retail portion saw a subscription rate of 0.69 times, the NII portion reached 0.16 times, and the QIB portion remained unbooked. However, the employee portion received a subscription rate of 5.65 times.

Popular Vehicles IPO has allocated shares in the public issue as follows: not more than 50% for Qualified Institutional Buyers (QIB), not less than 15% for Non-Institutional Investors (NII), and not less than 35% for retail investors.

The price band for the IPO ranges from ₹280 to ₹295 per equity share, with a face value of ₹2. The lot size is 50 equity shares, and multiples of 50 thereafter. The IPO raised ₹180.17 crore from anchor investors on Monday, March 11.