Popular Vehicles and Services IPO subscribed 27 times on first day
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Popular Vehicles and Services IPO It is getting very good response from investors in the market. The IPO of this Kochi-based company, which works in the field of vehicle dealerships, got 27 times subscription on the very first day. According to NSE data, bids were received for 39,17,300 shares against the offer of 1,44,15,110 shares under the Rs 602 crore IPO. retail individual investors (RII) segment received 47 percent subscription while the non-institutional investors segment received 11 percent subscription. Popular Vehicles and Services had said on Monday that it has raised Rs 180.17 crore from anchor investors. The issue consists of fresh shares worth Rs 250 crore and offer for sale worth Rs 352 crore (OFS) is included. The promoters, led by the company’s managing director Naveen Philip and his Kuttukaran family, hold 69 per cent stake. After the stake sale, the promoters’ stake will come down to 61 percent while Banyan Tree Growth Limited’s stake will come down to 10 percent.
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How much will have to be invested
The company has included 50 shares in one lot. Retail investors must apply for at least one lot. This means that at least Rs 14,750 will have to be invested. The minimum lot size investment for SNII is 14 lots (700 shares), amounting to ₹206,500 and for BNII, it is 68 lots (3,400 shares). This means that he will have to invest at least Rs 10,03,000 in the company.
What will the company do with the money?
The amount received from the sale of new shares will be used for loan repayment and general company functioning.
When will the allotment of shares take place?
The allotment of shares will be done on March 15. Whereas, the refund process will start on March 18. The stock will be updated in the demat account of the shareholders on the same day.
When will the listing happen?
The company is going to be listed on the main board. Its listing is likely to happen on March 19.
,Disclaimer: Investing in stock market or IPO is subject to market risk. Before investing in any share, get complete information from a good financial advisor. We are not encouraging investment in any company.,
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