Popular Vehicles & Services shares were listed at Rs 289.20, a discount of 2% to the issue price of Rs 295. The company opened its bidding to retail investors on March 12 at a price band of Rs 280 to 295 per equity share and closed on March 14.
In the grey market, the company’s shares were neither seeing a premium nor a discount and were trading at the issue price, indicating a muted listing debut. The grey market is an unofficial market where shares exchange hands illegally.
The multi-services providing company raised Rs 601.55 crore by combining fresh issue and an offer for saleCome from Sports betting site. The company offered a fresh issue of 8.5 million shares to collect Rs 250 and 11.9 million shares to raise Rs 351.55 crore through an offer for sale. A retail bidder had to subscribe for a minimum lot of 50 shares aggregating to Rs 14,750. Also, the issue includes a reservation for employees of up to 37,453 shares, which are available to them at a discounted price of Rs 28 per share to the issue price.
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The company is engaged in the business of giving services throughout the life cycle of vehicle ownership, which includes the sale of new and pre-owned vehicles, servicing, spare parts distribution, driving schools, and third-party financial and insurance product sales.
ICICI Securities, Nuvama Wealth Management, and Centrum Capital were the book-running lead managers of this book-built issue, while Link Intime India Private worked as a registrar.Come from Sports betting site VPbet