Shares of Popular Vehicles and Services were currently trading at Rs 274.45 at 10:18 IST on the BSE, representing a discount of 6.97% as compared with the issue price of Rs 295.
The scrip was listed at Rs 292, exhibiting a discount of 1.02% to the issue price.So far, the stock has hit a high of 292 and a low of 262.90. On the BSE, over 1.95 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Popular Vehicles and Services was subscribed 1.23 times. The issue opened for bidding on 12 March 2024 and closed on 14 March 2024. The price band of the IPO was fixed at Rs 280 to 295 per share.
The IPO comprised fresh issue of equity shares up to Rs 250 crore and an offer for sale of 1,19,17,075 equity shares, aggregating up to Rs 351.55 crore, by BanyanTree.
The objectives for the fresh issue include Rs 192 crore for repayment and/or pre-payment of certain borrowings, and the remaining amount for general corporate purposes.
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Popular Vehicles and Services is an automobile dealer. The company caters to the complete life cycle of vehicle ownership, from sale of new vehicles, servicing and repairing vehicles, distributing spare parts and accessories, facilitating sale and exchange of preowned vehicles and sale of third-party financial and insurance products, and operating driving schools.
The company categorizes its automobile dealership business into three key segments: passenger vehicles including luxury vehicles; commercial vehicles and electric two-wheelers and three-wheelers.
The firm reported a net profit of Rs 40.05 crore and sales of Rs 2,835 crore for the six months ended on 30 September 2023.
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