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Flattrade Kosh > IPOs > Popular Vehicles & Services IPO
IPOs

Popular Vehicles & Services IPO

Posted by Flattrade March 12, 2024
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Benchmark indices ended on a bullish note; All the sectoral indices closed in green except the PSU Bank index; Broader market indices gained around a percent

Popular Vehicles & Services IPO is a book-built issue of Rs 601.55 crores. The issue is a combination of a fresh issue of 0.85 crore shares aggregating to Rs 250.00 crores and an offer for sale of 1.19 crore shares aggregating to Rs 351.55 crores.

The IPO opens for subscription on March 12, 2024, and closes on March 14, 2024. The price band for the IPO is set at ₹280 to ₹295 per share and the minimum lot size for an application is 50 Shares

Company Summary

They are a diversified automobile dealership company in India.  They cater to the complete life cycle of vehicle ownership, right from the sale of new vehicles, servicing and repairing vehicles, distributing spare parts and accessories, to facilitating sale and exchange of pre-owned vehicles, operating driving schools, and facilitating the sale of third-party financial and insurance products

They categorize their automobile dealership business into three key segments, namely,

  • passenger vehicles including luxury vehicles
  • commercial vehicles
  • electric two-wheeler and three-wheeler vehicles

They operate under dealerships for various Original equipment manufacturers, namely,  Maruti Suzuki, Honda, Jaguar Landrover India, Tata Motors, Daimler India commercial vehicles, BharatBenz, and many more.

As of December 31, 2023, they operated through their network of 61 showrooms, 133 sales outlets and booking offices, 32 preowned vehicle showrooms and outlets, 139 authorized service centers, 43 retail outlets, and 24 warehouses located across 14 districts of Kerala, 8 districts in Karnataka, 12 districts in Tamil Nadu and 9 districts in Maharashtra

Company Strengths

Their revenue from servicing passenger vehicles and commercial vehicles has seen a significant increase, from ₹3,651.64 million and ₹675.06 million in Fiscal 2021 to ₹5,716.13 million and ₹1,418.65 million in Fiscal 2023,

In Fiscal 2023, they were ranked ‘All India Highest in the Bodyshop Load’ for Maruti Suzuki. Further, the number of electric two-wheeler and three-wheeler vehicles sold by them has also increased from 252 in Fiscal 2022 to 3,381 in Fiscal 2023.

They believe that their long-term association with their OEMs and their strong business capabilities have resulted in them becoming a valued partner of those OEMs.

They have been categorized within the “Royal Platinum Band” by Maruti Suzuki for their Arena dealership in Kerala, “Gold Band” by Maruti Suzuki for their Arena dealership in Chennai, and “Alpha Band” by Maruti Suzuki for their Nexa dealership in Fiscal 2023.

Their expansive network of touch points, coupled with innovative marketing strategies, has helped them expand their reach in the markets in which they operate and tap into underserved geographies.

Company Financials

Period Ended

30 Sep 2023

31 Mar 2023

31 Mar 2022

31 Mar 2021

Assets1,941.781,503.781,263.291,118.94
Revenue2,848.214,892.633,484.202,919.25
Profit After Tax40.0464.0733.6732.46
Net Worth384.21343.04279.89246.00
Reserves and Surplus371.67330.50267.34233.46
Total Borrowing764.61505.01371.91353.04

Amount in ₹ Crore

Objectives of the IPO

The Company proposes to utilize the Net Proceeds towards funding the following objects:

  • 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.
  • General corporate purposes

Promoters of the company

John K. Paul, Francis K. Paul, and Naveen Philip are the Promoters of the Company. The Promoters currently hold an aggregate of 43,558,086 Equity Shares, aggregating to 69.45% of the pre-offer issued, subscribed, and paid-up Equity Share capital of the Company.

IPO details

IPO DateMarch 12, 2024 to March 14, 2024
Listing DateTuesday, March 19, 2024
Face Value₹2 per share
Price Band₹280 to ₹295 per share
Lot Size50 Shares
Total Issue Size20,391,651 shares (aggregating up to ₹601.55 Cr)
Fresh Issue8,474,576 shares (aggregating up to ₹250.00 Cr)
Offer for Sale11,917,075 shares of ₹2 (aggregating up to ₹351.55 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE

Lot Allocation details

ApplicationLotsSharesAmount
Retail (Min)150₹14,750
Retail (Max)13650₹191,750
Small-HNI(Min)14700₹206,500
small-HNI(Max)673350₹988,250
Large-HNI (Min)683400₹1,003,000

 Allotment Schedule

Basis of AllotmentFriday, March 15, 2024
Initiation of RefundsMonday, March 18, 2024
The credit of Shares to DematMonday, March 18, 2024
Listing DateTuesday, March 19, 2024
Cut-off time for UPI mandate confirmation5 PM on March 14, 2024

Ipo reservation

Investor CategoryShares Offered
QIB Shares OfferedNot more than 50% of the Net Issue
Retail Shares OfferedNot less than 35% of the Net Issue
NII (HNI) Shares OfferedNot less than 15% of the Net Issue

To check Allotment, click here

Apply for IPO
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Flattrade March 12, 2024
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Fortune Capital Services Private Ltd. SEBI Registration No. INZ000201438. Member Code for NSE: 14572 BSE:6524 MCX: 16765 and ICEX: 2010. CDSL DP ID: 12080300 SEBI Registration No.IN-DP-CDSL-729-2014. Registered Office: Kochar Technology Park, 6th Floor, SP-31-A, 1st Cross Road, Ambattur Industrial Estate, Ambattur, Chennai – 600 058. For any complaints pertaining to stock broking please write to [email protected] and for DP related to [email protected] Please ensure to read the Risk Disclosure Document carefully as prescribed by SEBI.

“Procedure to file a complaint on SEBI SCORES: Register on SCORES portal. Mandatory details for filing complaints on SCORES: Name, PAN, Address, Mobile Number, E-mail ID. Benefits: Effective Communication, Speedy redressal of the grievances”

“Prevent unauthorised transactions in your account, update your mobile numbers/email IDs with your Stockbroker/Depository Participant. Receive information of your transactions directly from Exchange/Depository on your mobile/ email at the end of the day. Issued in the interest of investors”. As a business we do not give stock tips and have not authorized anyone to trade on behalf of others. If you find anyone claiming to be part of FLATTRADE and offering such services, please email to [email protected]. “KYC is one time exercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.” Dear Investor, if you are subscribing to an IPO, there is no need to issue a cheque. Please write the Bank account number and sign the IPO application form to authorize your bank to make payment in case of allotment. In case of non-allotment, the funds will remain in your bank account.


“Attention Investors 1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020. 2.Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge. 3. Pay 20% upfront margin of the transaction value to trade in cash market segment 4. Investors may please refer to the Exchange’s Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 dated August 31, 2020 and other guidelines issued from time to time in this regard. 5. Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month. Issued in the interest of Investors”

Disclaimer: ‘Investment in securities market are subject to market risks, read all the related documents carefully before investing’.

“Investment in Mutual Fund market are subject to market risk. There is no guaranteed or assured rate of return. Past Performance is not indication of future returns. Please read all related documents carefully before investing”.

“The securities quoted are exemplary and are not recommendatory”.


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Registered Office:

Fortune Capital Services Pvt Ltd
Kochar Technology Park, 6 th Floor,
1 st Cross Road, Ambattur Industrial Estate,
Ambattur, Chennai – 600058.

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