The Price Band of the Offer has been fixed at Rs 280 to Rs 295 Per Equity Share. The floor price is 140 times the face value of the Equity Shares and the Cap price is 147.50 times the face value of the Equity Shares;
FinTech BizNews Service
Mumbai, March 6, 2024: Popular Vehicles and Services Limited (“PVSL” or The “Company”), shall open its Bid / Offer in relation to its initial public offer of Equity Shares on Monday, March 11, 2024.
The Total Offer Size comprises of fresh issue of Equity Shares aggregating up to Rs 2,500 million [Rs 250 crore] (The “Fresh Issue”) and Offer for Sale up to 11,917,075 Equity Shares. (The “Offer for Sale”), (Together, “The Total Issue Size”)
The Price Band of the Offer has been fixed at Rs 280 to Rs 295 Per Equity Share. Bids can be made for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter. (The “Price Band”)
The Anchor Investor Bidding Date shall be on Monday, March 11, 2024. The Bid/Offer will open on Tuesday, March 12, 2024 for subscription and close on Thursday, March 14, 2024. (The “Bid / Offer Period”)
A discount of Rs 28 per equity share is being offered to eligible employees bidding in the Employee Reservation portion. (The “Employee Reservation Portion”)
The company proposes to utilize the net proceeds from IPO towards repayment and/or pre-payment, in full or part, of certain borrowings, availed by the company and certain of their subsidiaries, namely, PAWL, PMMIL, KGPL, KCPL and PMPL Rs1,920 million and balance amount for general corporate purposes. (The “Objects of the Offer”)
The Offer for Sale comprises of up to 11,917,075 Equity Shares by BanyanTree Growth Capital II, LLC. (The “Promoter Selling Shareholder”)
The Equity Shares offered through this Red Herring Prospectus of the Company dated March 4, 2024 filed with Registrar of Companies, Kerala at Ernakulam (“RoC”) (The “RHP”) and are proposed to be listed on the Stock Exchanges being BSE Limited and National Stock Exchange of India Limited.
For the purposes of the Offer, National Stock Exchange of India Limited is the Designated Stock Exchange.
Those on the dias at te time of IPO conference include Ashwani Khare, EVP & Head – Industrials Coverage, ICICI Securities Limited, Mr. John Verghese, Chief Financial Officer, Popular Vehicles And Services Limited, Mr. Naveen Philip, Managing Director, Popular Vehicles And Services Limited, Mr. Raj Narayan, Chief Executive Officer, Popular Vehicles And Services Limited, Mr. Viral Shah, ED & Head, ECM Syndication, Nuvama Wealth Management Limited, and Mr. Anupam Paliwal, Sr Director – Investment Banking, Centrum Capital Limited
ICICI Securities Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and Centrum Capital Limited are the Book Running Lead Managers to the Offer.
·RHP Link:
https://www.icicisecurities.com/Upload/ArticleAttachments/Popular%20Vehicles%20and%20Services%20Ltd_RHP.pdf
