Popular Vehicles and Services IPO: Anchor investors pick shares worth ₹180 crore
Automobile dealer Popular Vehicles and Services said it has raised ₹180.17 crore from anchor investors on March 11, a day before the Kerala-based company’s IPO will open for subscription.
In an exchange filing to the exchanges on Monday, the company disclosed the allocation of 61,07,325 equity shares to anchor investors at a price of ₹295 per equity share.
“The IPO Committee of the Company at its meeting held on March 11. 2024, in consultation with ICICI Securities Limited. Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and Centrum Capital Limited (“the Book Running Lead Managers”). has linalized allocation of 61.07.325 Equity Shares, to Anchor Investors at Anchor Investor Allocation Prive (which was decided by the Company in consultation with the Book Running Lead Managers) of 3 295/- per Equity Share (including share premium of 2 293/- per Equity Share,” the company said.
Prominent investors such as HDFC Mutual Fund, Quant Mutual Fund, HSBC Global Investment Funds, Lionglobal Investment Funds, BofA Securities Europe SA, Pinebridge Global Funds, and ITI Mutual Fund made investments in the company through the anchor book.
Additionally, Citigroup Global Markets Mauritius, SBI General Insurance Company, LC Pharos Multi-Strategy Fund, 3P India Equity Fund, Integrated Global Strategies Asia, and Copthall Mauritius Investment were also among the participants in the book.
HDFC Mutual Fund emerged as the largest investor in the Popular Vehicles and Services IPO, securing equity shares valued at ₹74 crore through the anchor book process.
“Out of the total allocation of 61,07,325 equity shares to anchor investors, 38,14,148 equity shares were allocated to three domestic mutual funds, which have applied through a total of 8 schemes,” it further added.
Also read: Popular Vehicles IPO opens next week. GMP, review, other details of upcoming IPO
The automotive dealer intends to garner over ₹601.55 crore through IPO. This IPO consists of a fresh issuance of company shares valued at ₹250 crore and an offer-for-sale of 1.19 crore equity shares worth ₹351.55 crore by the private equity fund BanyanTree Growth Capital II, LLC.
The price range for the Popular Vehicles and Services IPO has been established at ₹280-295 per share. ICICI Securities Limited, Nuvama Wealth Management Limited and Centrum Capital Limited are the book running lead managers of the Popular Vehicles & Services IPO, while Link Intime India Private Ltd is the registrar for the issue.
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Published: 11 Mar 2024, 09:19 PM IST
