Popular Vehicles & Services shares were listed at Rs 289.20, a discount of 2% to the issue price of Rs 295. The company opened its bidding to retail investors on March 12 at a price band of Rs 280 to 295 per equity share and closed on March 14.
In the grey market, the company’s shares were neither seeing a premium nor a discount and were trading at the issue price, indicating a muted listing debut. The grey market is an unofficial market where shares exchange hands illegally.
The multi-services providing company raised Rs 601.55 crore by combining fresh issue and an offer for sale. The company offered a fresh issue of 8.5 million shares to collect Rs 250 and 11.9 million shares to raise Rs 351.55 crore through an offer for sale. A retail bidder had to subscribe for a minimum lot of 50 shares aggregating to Rs 14,750. Also, the issue includes a reservation for employees of up to 37,453 shares, which are available to them at a discounted price of Rs 28 per share to the issue price.
The company is engaged in the business of giving services throughout the life cycle of vehicle ownership, which includes the sale of new and pre-owned vehicles, servicing, spare parts distribution, driving schools, and third-party financial and insurance product sales.
ICICI Securities, Nuvama Wealth Management, and Centrum Capital were the book-running lead managers of this book-built issue, while Link Intime India Private worked as a registrar.