Popular Vehicles and Services Ltd, which is engaged in automobile trading, is expected to launch its IPO on March 12.
The first share sale will close on March 14 and the bidding for anchor investors will open for one day on March 11, according to Red Herring Prospectus (RHP).
The IPO comprises a fresh issue of shares worth Rs 250 crore and an offer for sale (OFS) of 1.19 crore shares by Banyantree Growth Capital II, LLC.
The promoters currently hold a 69.45 percent stake in Popular Vehicles and Services and Banyan Tree owns over 30 percent shares in the company.
The proceeds of the new issue will be used to pay down debt and for general corporate purposes.
The Kerala based company is a leading diversified automobile retailer in the country with presence across the entire automobile retail chain including sales of new passenger and commercial vehicles, services and repairs, spare parts distribution, sales of used passenger vehicles etc. Facilitating sales of third party finance and insurance products.
The company operates passenger car dealerships of Maruti Suzuki, Honda and JLR as well as the commercial vehicle dealership of Tata Motors.
ICICI Securities, Nuvama Wealth Management and Centrum Capital are acting as lead managers to advise the company on its IPO. The company's shares are listed on the BSE and NSE.
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