Popular Vehicles & Services Limited IPO to Open on March 12

Popular Vehicles & Services Limited announced that its Initial Public Offering (IPO) will open on March 12, 2024. The company has fixed the price band at ₹280 to ₹295 per equity share.

The IPO includes a fresh issue of equity shares worth ₹250 crore along with an Offer for Sale (OFS) of 1,19,17,075 equity shares by existing shareholders. The issue is scheduled to close on March 14, 2024.

According to the report, the company plans to utilise the proceeds from the fresh issue towards repayment of borrowings and general corporate purposes. The IPO allocation includes reserved portions for qualified institutional buyers, non-institutional investors, and retail investors.

Popular Vehicles & Services Limited operates across multiple automotive segments, including passenger vehicles, commercial vehicles, luxury automotive retail, and electric mobility, through its network of dealerships and automotive businesses.