Popular Vehicles IPO opens next week, Key Details, GMP, and More

Popular Vehicles & Services Limited is set to launch its initial public offering (IPO) on March 12, 2024, with the subscription period running until March 14, 2024. The price band for the IPO is fixed at ₹280 to ₹295 per equity share, aiming to raise ₹601.55 crore. The company’s shares are currently trading in the grey market at a premium of ₹26. The IPO includes a combination of fresh shares and Offer for Sale (OFS), with ₹250 crore expected from fresh shares and ₹351.55 crore from OFS.

Here are key details about the Popular Vehicles IPO:

1. Grey Market Premium (GMP): Market observers report a premium of ₹26 for Popular Vehicles shares in the grey market.
2. IPO Price Band: The public issue is priced between ₹280 and ₹295 per equity share.
3. IPO Dates: The IPO subscription opens on March 12, 2024, and closes on March 14, 2024.
4. IPO Size: The total IPO size is ₹601.55 crore, including ₹250 crore from fresh shares and ₹351.55 crore from OFS.
5. Lot Size: Investors can apply in lots, with one lot comprising 50 shares of the automobile retailer.
6. Allotment Date: Share allocation is expected to be finalized on March 15, 2024.
7. Registrar: Link Intime Private Limited is the official registrar for the Popular Vehicles IPO.
8. Listing Platforms: The IPO is proposed for listing on BSE and NSE.
9. Listing Date: The likely date for share listing is March 19, 2024.
10. Company Review: In the fiscal year 2023, Popular Vehicles reported a 40.50% rise in revenue, with Profit After Tax (PAT) growing by almost 90%. As of September 2023, the company’s assets were ₹1,941.78 crore, revenue was ₹2,848.21 crore, and PAT stood at ₹40.04 crore. Despite positive financial growth, the company’s debt also increased during this period.

Investors interested in Popular Vehicles IPO can apply during the subscription period, and the final share allocation will be determined by March 15, 2024. The company aims to be listed on both BSE and NSE by March 19, 2024.