Kerala-based Popular Vehicles and Services, a prominent automobile dealer, has embarked on its Initial Public Offering (IPO) journey, with plans to raise approximately Rs 602 crore. The IPO, which commenced on March 12 and concludes on March 14, encompasses a fresh issue of Rs 250 crore and an offer-for-sale (OFS) of 1.19 crore equity shares by BanyanTree Growth Capital II LLC.

Priced between Rs 280 to Rs 295 per share, with a minimum application size of 50 shares, it presents an opportunity for investors to partake in the company’s growth story. Institutional investors have already demonstrated keen interest, contributing Rs 180.17 crore through the anchor book. Notable names such as HDFC Mutual Fund, Quant Mutual Fund, and HSBC Global Investment Funds have lent their support, underscoring confidence in Popular Vehicles and Services’ business model and future prospects.

With a robust presence comprising 59 showrooms, 126 sales outlets, and 134 authorized service centers across strategic locations in India, Popular Vehicles and Services stands as a cornerstone in the automotive retail landscape. In the fiscal year 2023, the company witnessed a remarkable 41% year-on-year surge in revenue, reaching Rs 4,875 crore, alongside a substantial 91% increase in net profit, totaling Rs 64 crore.

From new and pre-owned vehicle sales to comprehensive service and repair facilities, spare parts distribution, and financial and insurance product offerings, Popular Vehicles and Services caters to every aspect of the automotive retail value chain. This IPO marks a pivotal moment in its journey, inviting investors to join hands in shaping the future of mobility and automotive excellence.