Popular Vehicle & Services IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details

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Popular Vehicle & Services Limited IPO GMP

The IPO of Popular Vehicles & Services is a book-built offering valued at Rs 601.55 crores. It comprises a fresh issue of 0.85 crore shares totaling Rs 250.00 crores and an offer for sale of 1.19 crore shares amounting to Rs 351.55 crores.

The subscription for the Popular Vehicles & Services IPO commenced on March 12, 2024, and concluded on March 14, 2024. Allotment of shares for the IPO is anticipated to be completed by Friday, March 15, 2024. The Popular Vehicles & Services IPO is scheduled to be listed on both BSE and NSE, with a tentative listing date set for Tuesday, March 19, 2024.

The price range for the Popular Vehicles & Services IPO is established between ₹280 to ₹295 per share. Retail investors must apply for a minimum of 50 shares, requiring an investment of at least ₹14,750. sNII investors are required to invest in a minimum of 14 lots (700 shares), totaling ₹206,500. For bNII investors, the minimum investment is set at 68 lots (3,400 shares), amounting to ₹1,003,000.

The Offer comprises a Fresh Issue of up to ~ 8474576 Equity Shares, aggregating up to ₹ 250 crore by Company and an Offer for Sale of up to 11917075 Equity Shares aggregating up to ~₹ 351.55 Crore by the Selling Shareholders.

The company will not receive any proceeds from the Offer for Sale.

Objects of the Fresh Issue Our Company proposes to utilize the Net Proceeds towards funding the following objects:

- Repayment and/or pre-payment, in full or part, of certain borrowings, availed by Company and certain Subsidiaries, namely, PAWL, PMMIL, KGPL, KCPL and PMPL.
- General corporate purposes.