Popular Vehicles & Services IPO allotment status: Check application, latest GMP and listing date

Popular Vehicles & Services is scheduled to finalize the basis of allotment of its shares on Friday, March 15. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the weekend or latest by Monday. The Kerala based auto-dealer has received a muted response from the investors, barely managing to get fully subscribed.

The IPO of Popular Vehicles & Services ran between March 12 and March 14. The company had offered its shares in the fixed price band of Rs 280-295 per share with a lot size of 50 shares. The company raised a total of Rs 601.55 crore from its primary offering, which included a fresh issue of Rs 250 crore and an offer-for-sale (OFS) of up to 11,917,075 equity shares.

The issue was overall subscribed merely 1.23 times, just sailing through in the last few hours of bidding. The quota for qualified institutional bidders (QIBs) was booked 1.97 times The portions reserved for retail investors and employees saw bidding for 1.05 times and 7.59 times, respectively. The quota for non-institutional investors was subscribed merely 66 per cent.

The grey market premium (GMP) of Popular Vehicles & Services has completely fizzled out after the muted bidding from all categories of investors, suggesting a muted listing for the investors. However, the premium in the grey market stood around Rs 25-30 earlier when the issue was announced.

Popular Vehicles and Services, Incorporated in 1983, is engaged in the business of automobile dealerships in India. Popular Vehicles provides complete services throughout the life cycle of vehicle ownership, including sales of new and preowned vehicles, servicing, spare parts distribution, driving schools, and third-party financial and insurance product sales.

Brokerage firms are positive on the issue citing its cheap valuations, long-standing presence in the auto industry, deep penetration, innovative market strategies, and high margin business. However, they see unpredictable factors denting the sale of vehicles, increasing demand of electric vehicles, OEM prices, operational inefficiency, stiff competition as the key risks for it.

Nuvama Wealth Management, Centrum Capital and ICICI Securities are the book running lead managers of the Popular Vehicles & Services IPO, while Link Intime India is the registrar for the issue. Shares of the company are likely to be listed on both BSE and NSE on Tuesday, March 19.

Investors, who had bid for the issue of Popular Vehicles & Services IPO, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Popular Vehicles & Services IPO Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit

Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.

1) Go to the web portal of Link Intime Limited

2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.

 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.