Popular Vehicles Sets IPO Price Band At Rs 280–295 Per Share

Popular Vehicles and Sevices Ltd. has set a price band of Rs 280–295 per share for its upcoming initial public offering.

The IPO comprises a fresh issuance of equity shares worth Rs 250 crore and an offer-for-sale of 1.19 crore equity shares by Banyantree Growth Capital II, LLC, the only selling shareholder.

The Kerala-based company's three-day IPO will open on March 12, with a minimum bid quantity of 50 shares. ICICI Securities Ltd., Nuvama Wealth Management Ltd., and Centrum Capital Ltd. are the book-running lead managers for the public issue.

Proceeds from the fresh issue will be used to repay certain borrowings and for general corporate purposes, according to the DHRP filed with the market regulator.

Popular Vehicles and Services is a leading diversified automotive dealership in the country with a presence across the automotive retail value chain, including the sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, the sale of pre-owned passenger vehicles, and the facilitation of the sale of third-party financial and insurance products.

The company operates passenger vehicle dealerships covering economy, premium and luxury vehicles across our dealerships for Maruti Suzuki India Ltd., Honda Cars India Ltd., and Jaguar Land Rover India Ltd., etc.