Popular Vehicles and Services Limited to Commence Initial Public Offering on Tuesday, March 12, 2024

 

Mumbai: "Popular Vehicles and Services Limited" (PVSL), a renowned company, is set to open its Initial Public Offering (IPO) of Equity Shares on Monday, March 12, 2024.

Key Details of the IPO:

Total Offer Size: The IPO comprises a Fresh Issue of Equity Shares amounting to ₹2,500 million [₹250 crore] and an Offer for Sale of up to 11,917,075 Equity Shares, making up "The Total Issue Size".

Price Band: 'PVSL' has set the Price Band for the Offer at ₹280 to ₹295 per Equity Share.

Minimum Bid: Investors can bid for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter.

Bid/Offer Period: The Bid/Offer Period commences on Tuesday, March 12, 2024, and concludes on Thursday, March 14, 2024. The Anchor Investor Bidding Date is scheduled for Monday, March 11, 2024.

Employee Reservation Portion: Eligible employees participating in the IPO will enjoy a discount of ₹28 per equity share.

Utilization of Proceeds: PVSL intends to utilize the net proceeds from the IPO primarily for repayment and/or pre-payment of borrowings incurred by the company and its subsidiaries. A substantial portion, amounting to ₹1,920 million, is allocated for this purpose, with the remaining funds earmarked for general corporate objectives.

Offer for Sale: The Offer for Sale includes up to 11,917,075 Equity Shares by BanyanTree Growth Capital II, LLC, the Promoter Selling Shareholder.

Listing: The Equity Shares offered through the Red Herring Prospectus filed with the Registrar of Companies, Kerala at Ernakulam, are proposed to be listed on both BSE Limited and the National Stock Exchange of India Limited.

Lead Managers: 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.

'PVSL' aims to attract investors with its promising IPO, leveraging the substantial proceeds to enhance its financial position and pursue strategic growth initiatives. Investors are invited to participate in this significant opportunity in the Indian capital markets.

RHP Link:
https://www.icicisecurities.com/Upload/ArticleAttachments/Popular%20Vehicles%20and%20Services%20Ltd_RHP.pdf