Popular Vehicles and Services Limited 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 250 crore and Offer for Sale up to 11,917,075 Equity Shares. 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 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.
A discount of Rs 28 per equity share is being offered to eligible employees bidding in 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 ₹1,920 million and balance amount for general corporate purposes.
The Offer for Sale comprises of up to 11,917,075 Equity Shares by BanyanTree Growth Capital II, LLC. The Equity Shares offered through this Red Herring Prospectus of the Company dated 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.
