Voler Car is an emerging player in the employee transportation services (ETS) space, offering reliable and efficient solutions to MNCs and corporate clients across various major cities in India. The company provides comprehensive home-to-office transportation, supported by 24/7 customer service, dedicated location teams, and a fleet of verified vehicles and chauffeur-drivers. Voler Car specializes in making daily commutes seamless for employees, ensuring timely transportation solutions.

The Voler Car IPO is a Book Built Issue with a size of ₹27 Crores, consisting entirely of a fresh issue of 30.00 lakh shares. The IPO opens for subscription on February 12, 2025, and closes on February 14, 2025. The allotment of shares is expected to be finalized by February 17, 2025, with the shares listing scheduled on the NSE SME on February 19, 2025.

The price band for the Voler Car IPO is set at ₹85 to ₹90 per equity share, which gives the company a market capitalization of ₹100.29 Crores at the upper price band. The IPO will be available in lots of 1,600 shares, with a minimum investment of ₹1,44,000 for retail investors. For High-Net-Worth Individuals (HNIs), the minimum investment will be ₹2,88,000 for 2 lots (3,200 shares).

The IPO's Grey Market Premium (GMP) as of now is ₹0, indicating no real trading activity or price discovery before listing. Investors should be cautious, as GMP is primarily influenced by the demand-supply balance in the unorganized market.

The company raised ₹7.50 Crores from anchor investors at the issue price of ₹90 per share, with 8,33,600 equity shares allocated to them. The lead managers for this IPO include GYR Capital Advisors Private Limited, while KFin Technologies Limited serves as the registrar, and Wiinance Financial Services Private Limited acts as the market maker.

Voler Car plans to use the net proceeds of the IPO primarily for working capital requirements and general corporate purposes, along with covering the IPO issue expenses.

Voler Car Financial Overview

The company's revenues from operations for the fiscal year ending September 30, 2024, were ₹2,157.67 Lakh, with a steady growth pattern over the last three years. The EBITDA for the same period stood at ₹345.11 Lakh, while the Profit After Tax (PAT) was ₹248.57 Lakh, indicating consistent profitability and business growth.

Key performance indicators for Voler Car show a pre-issue EPS of ₹4.71 and a post-issue EPS of ₹3.20 for FY24. The company's pre-issue P/E ratio is 19.11x, and the post-issue P/E ratio rises to 28.15x, which is relatively high compared to the industry P/E ratio of 15x. The ROCE for FY24 stands at 123.06%, ROE at 249.01%, and RoNW at 110.91%, highlighting the company's strong profitability metrics.

While the financial performance indicates growth, the high valuation relative to industry peers raises concerns. The GMP is flat, with no significant premium, suggesting limited listing gains. Therefore, based on the financials and current market conditions, investors are advised to avoid the IPO for short-term listing gains.

The Upcoming IPOs in this week and coming weeks are Quality Power Electrical Equipmwnt, PS Raj Steels, Voler Car, Maxvolt Energy, Hexaware Technologies, L.K. Mehta, Shanmuga Hospital.

The Current active IPO are Ajax Engineering, Chandan Healthcare..

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