Public Market

IPO

Auto dealership chain Popular Vehicles files IPO papers with Sebi

Economic Times  

Popular Vehicles and Services Ltd, which is engaged in automotive dealerships, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share sale. The IPO comprises fresh issuance of equity shares worth INR 150 crore and an offer for sale (OFS) of 4,266,666 equity shares by Banyantree Growth Capital II, LLC. The proceeds of the fresh issue will be used for payment of certain borrowings, including working capital loans, availed by the company and its subsidiaries and for general corporate purpose. Ernakulam-based Popular has a nationwide presence across the automotive retail value chain, including sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles and facilitation of sale of third-party financial and insurance products. Axis Capital, Centrum Capital and DAM Capital Advisors (formerly IDFC Securities) have been appointed as merchant bankers for the IPO. Ernakulam-based Popular has a nationwide presence across the automotive retail value chain, including sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles and facilitation of sale of third-party financial and insurance products.