Popular Vehicles

Popular Vehicles IPO: Lukewarm Response on Day 1 Leaves Investors Uncertain

Find out how the Kerala-based company's IPO fared on its opening day and what investors can expect next!

The Popular Vehicles and Services IPO made its debut with a lukewarm response from investors, garnering only a 27% subscription rate on Day 1. With a price band of ₹280-295 per share, the Kerala-based company aimed to raise Rs 601.55 crore. However, the employee portion saw a slightly better response, being subscribed 3.83 times. Investors can apply for shares in lots, with one lot comprising 50 shares of the automobile retailer company.

Despite the efforts to boost subscriptions, the IPO managed to secure bids for only 27% of the total shares on offer. The automaker had fixed the price band at Rs 280 to Rs 295 per equity share, hoping to reach its fundraising target. The public issue reserved 30% of shares for anchor investors, adding an element of exclusivity to the offer.

Interestingly, the Popular Vehicles IPO received mixed reactions on social media, with some expressing doubts about its performance while others remained optimistic. As the subscription continues, all eyes are on how the IPO will progress in the coming days. Stay tuned for more updates on this unfolding financial saga!