Popular Vehicles and Services is into Automobile Auto-Dealer and is looking raise funds through Fresh Issue and Offer For Sale
Popular Vehicles and Services IPO: Popular Vehicles and Services Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 2 per share via initial public offering.
Initial Public Offer comprising of a Fresh Issue of Equity shares aggregating up to Rs 250 Cr and an Offer for Sale of up to 14,275,401 Equity Shares. ICICI Securities, Nuvama Wealth Management, Centrum Capital have been appointed as lead merchant bankers for the proposed IPO. It has appointed Link Intime (India) Pvt. Ltd. as Registrar and Share transfer Agent. Company is yet to finalize issue size and some other important details relating to the IPO.
Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Fresh Issue aggregating Rs. 250 Crs and offer-for-sale (OFS) of up to 14,275,401 equity shares by BanyanTree Growth Capital II, LLC who will offload Up to 14,275,401 Equity Shares...
Objects of the issue:
1) Repayment and/or pre-payment, in full or part of borrowings by the company and its subsidiaries - Rs. 192 cr., and 2) General Corporate Purpose.
Promoters of Popular Vehicles and Services are John K. Paul, Francis K. Paul and Naveen Philip and holds 65.79% stake in the company.
About Company:
Incorporated in 1983, Popular Vehicles and Services is diversified automobile dealership group in South and West India. It cater to the complete life cycle of vehicle ownership, right from the sale of new vehicles, servicing and repairing vehicles, distributing spare parts and accessories. Company is also facilitating sale and exchange of pre-owned vehicles, operating driving schools and facilitatingthe sale of third-party financial and insurance products.
Company's automobile dealership business is divided into three key segments, (a) Passenger Vehicles including Luxury Vehicles, (b) Commercial Vehicles and (c) Electric two-wheeler and three-wheeler Vehicles. As on July 2023, company and its subsidiaries operate through network of 59 showrooms, 126 sales outlets and booking offices, 31 pre-owned vehicle showrooms and outlets, 134 authorised service centres, 40 retail outlets, and 24 warehouses located across 14 districts of Kerala, 8 districts in Karnataka, 12 districts in Tamil Nadu and 7 districts in Maharashtra.
About Industry:
The automobile industry is one of the primary contributors to the Indian economy. It has grown by leaps and bounds over the years. Its contribution to India’s GDP has increased from 2.8% in fiscal 1993 to approximately 7.10% currently. The sector employs over 19 million people directly and indirectly. India is one of the largest auto markets in the world, with annual domestic sales of over 20 million vehicles. Domestic automobileindustry is dominated by the two-wheeler segment which contributes more than 70% to the automobileindustry, followed by passenger vehicles and other vehicles.
Source: SEBI, BSE, NSE, DRHP, Popular Vehicles and Services, Industry Data
Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.
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