Popular Vehicles & Services IPO opens for subscription today, i.e., March 12, 2024. The IPO window will remain open for investors until Thursday, March 14, 2024.
The price band for the public offering is between Rs 280 on the lower side and Rs 295 per share on the higher side. Notably, the shares are currently trading at a premium of Rs 27 in the grey market today, reflecting strong early interest from potential investors.
The IPO comprises a mix of fresh shares and an Offer for Sale (OFS), with a targeted fundraise of Rs 601.55 crore. Within this, Rs 250 crore is allocated to the issuance of fresh shares, while the remaining Rs 351.55 crore is designated for the OFS.
Investors looking to participate in the IPO can apply in lots of 50 shares, making the offering accessible to a broad range of individuals. The allocation strategy for the IPO includes approximately 50 percent reserved for Qualified Institutional Buyers (QIB), a minimum of 35 percent for retail investors, and a further 15 percent for Non-Institutional Investors (NII).
The company expects to finalize the IPO allotment on Friday, March 15, 2024, ushering in a new chapter for Popular Vehicles & Services in the Indian capital market.
The listing of Popular Vehicles & Services’ IPO is scheduled on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Investors can anticipate the company’s shares to debut on Tuesday, March 19, 2024, subject to regulatory approvals and market conditions.