Bookbuilding IPO | ₹602 Cr | Listed at BSE, NSE | Tue, Mar 12, 2024 - Thu, Mar 14, 2024
Popular Vehicles IPO is a book build issue of ₹601.55 crores. The issue is a combination of fresh issue of 0.85 crore shares aggregating to ₹250.04 crores and offer for sale of 1.19 crore shares aggregating to ₹351.52 crores.
Popular Vehicles IPO bidding started from Mar 12, 2024 and ended on Mar 14, 2024. The allotment for Popular Vehicles IPO was finalized on Mar 15, 2024. The shares got listed on BSE, NSE on Mar 19, 2024.
Popular Vehicles IPO price band is set at ₹295 per share. The lot size for an application is 50. The minimum amount of investment required by an retail is ₹14,750 (50 shares) (based on upper price). The lot size investment for sNII is 14 lots (700 shares), amounting to ₹2,06,500, and for bNII, it is 68 lots (3,400 shares), amounting to ₹10,03,000.
The issue includes a reservation of up to 37,453 shares for employees offered at a discount of ₹28.00 to the issue price.
ICICI Securities Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Popular Vehicles IPO RHP for detailed Information.
IPO Open
Tue, Mar 12, 2024
IPO Close
Thu, Mar 14, 2024
Issue Price
₹295 per share
Market Cap (Pre-IPO)
₹2,100.28 Cr
| IPO Date | 12 to 14 Mar, 2024 |
| Listed on | Tue, Mar 19, 2024 |
| Face Value | ₹2 per share |
| Price Band | ₹280 to ₹295 |
| Issue Price | ₹295 per share |
| Lot Size | 50 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹28.00 |
| Total Issue Size | 2,03,93,828 shares (agg. up to ₹602 Cr) |
| Fresh Issue | 84,76,753 shares (agg. up to ₹250 Cr) |
| Offer for Sale | 1,19,17,075 shares of ₹2 (agg. up to ₹352 Cr) |
| Share Holding Pre Issue | 6,27,21,445 shares |
| Share Holding Post Issue | 7,11,99,575 shares |
| BSE Script Code / NSE Symbol | 544144 / PVSL |
| ISIN | INE772T01024 |
Popular Vehicles IPO offers total 2,03,95,205 shares. Out of which 1,01,78,875 (49.91%) allocated to QIB, 40,71,550 (19.96%) allocated to QIB (Ex- Anchor), 30,53,663 (14.97%) allocated to NII 71,25,214 (34.94%) allocated to RII and 61,07,325 (29.94%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 1,01,78,875 (49.91%) | NA |
| − Anchor Investor Shares Offered | 61,07,325 (29.94%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 40,71,550 (19.96%) | NA |
| NII (HNI) Shares Offered | 30,53,663 (14.97%) | NA |
| − bNII > ₹10L | 20,35,775 (9.98%) | 2,908 |
| − sNII < ₹10L | 10,17,888 (4.99%) | 1,454 |
| Retail Shares Offered | 71,25,214 (34.94%) | 1,42,504 |
| Employee Shares Offered | 37,453 (0.18%) | NA |
| Total Shares Offered | 2,03,95,205 (100.00%) |
Investors can bid for a minimum of 50 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 50 | ₹14,750 |
| Retail (Max) | 13 | 650 | ₹1,91,750 |
| S-HNI (Min) | 14 | 700 | ₹2,06,500 |
| S-HNI (Max) | 67 | 3,350 | ₹9,88,250 |
| B-HNI (Min) | 68 | 3,400 | ₹10,03,000 |
Popular Vehicles IPO raises ₹180.17 crore from anchor investors. Popular Vehicles IPO Anchor bid date is March 11, 2024.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Mar 11, 2024 |
| Shares Offered | 61,07,325 |
| Anchor Portion (₹ Cr.) | 180.17 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sun, Apr 14, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | Thu, Jun 13, 2024 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 1983, Popular Vehicles and Services Limited is engaged in the business of automobile dealerships in India.
Popular Vehicles provides complete services throughout the life cycle of vehicle ownership, including sales of new and preowned vehicles, servicing, spare parts distribution, driving schools, and third-party financial and insurance product sales.
The company's business can be divided into three segments
The company currently operates through a vast network consisting of 59 showrooms, 126 sales outlets and booking offices, 31 pre-owned vehicle showrooms and outlets, 134 authorized service centres, 40 retail outlets, and 24 warehouses across 14 districts of Kerala, eight districts in Karnataka, 12 districts in Tamil Nadu, and seven districts in Maharashtra. In addition to its showrooms, the sales outlets and booking offices facilitate its sales, whereas the retail outlets are responsible for selling and distributing spare parts and accessories.
In FY 2023, the company serviced 791,360 vehicles - 5,212 luxury, 163,013 commercial, 1,918 electric two-wheeler, and 857 electric three-wheeler vehicles - through 130 authorized service centres across dealerships.
The company's PAT increased from ₹324.55 million in Fiscal 2021 to ₹640.74 million in Fiscal 2023.
The company's total income for Fiscals 2021, 2022, and 2023 was ₹29,192.52 million, ₹34,841.99 million, and ₹48,926.28 million, respectively.
As of July 31, 2023, the company had 10,275 employees.
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 1,941.78 | 1,503.78 | 1,263.29 | 1,118.94 |
| Total Income | 2,848.21 | 4,892.63 | 3,484.20 | 2,919.25 |
| Profit After Tax | 40.04 | 64.07 | 33.67 | 32.46 |
| NET Worth | 384.21 | 343.04 | 279.89 | 246.00 |
| Reserves and Surplus | 371.67 | 330.50 | 267.34 | 233.46 |
| Total Borrowing | 764.61 | 505.01 | 371.91 | 353.04 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment and/or prepayment, in full or part, of certain borrowings, availed by our Company and certain of our Subsidiaries, namely, PAWL, PMMIL, KGPL, KCPL and PMPL | 192.00 |
| 2 | General corporate purposes | 36.99 |
| KPI | Sep 30, 2024 |
|---|---|
| ROE | 10.42% |
| ROCE | 8.83% |
| Debt/Equity | 1.99 |
| RoNW | 10.42% |
| PAT Margin | 1.41% |
| Price to Book Value | 4.82 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 10.22 | 11.25 |
| P/E (x) | 28.88 | 26.22 |
| Promoter Holding | 69.45% | 61.17% |
| Market Cap | ₹2,100.28 Cr. |
The Popular Vehicles & Services IPO is subscribed 1.25 times on March 14, 2024 6:21:00 PM (Day 3). The public issue subscribed 1.07 times in the retail category, 1.92 times in the QIB category, and 0.67 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 1.92 | 40,71,551 | 78,10,150 |
| NII | 0.67 | 30,53,663 | 20,55,350 |
| bNII (bids above ₹10L) | 0.67 | 20,35,775 | 13,60,350 |
| sNII (bids below ₹10L) | 0.68 | 10,17,888 | 6,95,000 |
| Retail | 1.07 | 71,25,213 | 76,34,650 |
| Employee | 8.04 | 37,453 | 3,01,100 |
| Total | 1.25 | 1,42,87,880 | 1,78,01,250 |
Total Application : 1,35,743
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs fees and commissions (including underwriting commission, brokerage and selling commission) | 19.10 |
| 2 | Commission/ processing fee for SCSBs and Bankers to the Offer and fees payable to the Sponsor Bank(s) for Bids made by UPI Bidders. Brokerage, selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 1.90 |
| 3 | Fees payable to the Registrar to the Offer | 0.24 |
| 4 | Auditors | 4.15 |
| 5 | Independent Chartered Accountant | 0.93 |
| 6 | Industry expert | 0.26 |
| 7 | Fee payable to legal counsel | 5.20 |
| 8 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 5.99 |
| 9 | Printing and stationery | 1.82 |
| 10 | Advertising and marketing expenses | 6.33 |
| 11 | Miscellaneous | 4.59 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹295.00 | ₹295.00 |
| Open | ₹292.00 | ₹289.20 |
| Low | ₹262.90 | ₹262.40 |
| High | ₹292.00 | ₹289.20 |
| Last Trade | ₹276.25 | ₹276.15 |
Popular Vehicles IPO is a main-board IPO of 2,03,93,828 equity shares of the face value of ₹2 aggregating up to ₹602 Crores. The issue is priced at ₹295 per share. The minimum order quantity is 50.
The IPO opens on Tue, Mar 12, 2024, and closes on Thu, Mar 14, 2024.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Popular Vehicles IPO using UPI as a payment gateway. Zerodha customers can apply in Popular Vehicles IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Popular Vehicles IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Popular Vehicles IPO opens on Tue, Mar 12, 2024 and closes on Thu, Mar 14, 2024.
Popular Vehicles IPO lot size is 50, and the minimum amount required for application is ₹14,750.
You can apply in Popular Vehicles IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Popular Vehicles IPO will be done on Friday, March 15, 2024, and the allotted shares will be credited to your demat account by Mon, Mar 18, 2024. Check the Popular Vehicles IPO allotment status.
The Popular Vehicles IPO listing date is on Tue, Mar 19, 2024.
