The IPO of vehicle distributor and servicing company Popular Vehicles and Services received 46 percent subscription on Wednesday, the second day of the offering. This IPO is closing today. The company’s IPO has performed poorly in the gray market. Let us tell you, the price band of the company’s IPO is Rs 280-295 per share.
Outcry in the stock market, 5 railway shares derailed, price fell by 20 percent
According to NSE data, bids were received for 65,31,800 shares against the offer of 1,44,15,110 shares under the Rs 601.55 crore IPO. The retail individual investors (RII) segment received 77 per cent subscription while the non-institutional investors (NII) segment received 20 per cent subscription. Let us tell you, this issue includes new shares worth Rs 250 crore and offer for sale (OFS) of 1,19,17,075 shares worth Rs 352 crore.
The company’s promoters, led by managing director Naveen Philip and his Kuttukaran family, hold 69 per cent stake.
Investors worried about gray market situation
According to the report of Investors Gain, the company’s performance in the gray market is very poor. The company’s IPO was trading at a premium of zero rupees today. This situation of the company has persisted for the last 2 days. Earlier on March 12, GMP was Rs 5 per share. At the same time, on March 11, it was trading at a premium of Rs 27.
#IPO #subscription #day #chance #place #bets #GMP
2024-03-14 21:47:01