New Delhi, Mar 14 (PTI) The Initial Public Offer (IPO) of Popular Vehicles and Services received 1.23 times subscription on the closing day of bidding on Thursday.

The Rs 601.55 crore-IPO received bids for 1,77,74,350 shares against 1,44,15,110 shares on offer, as per NSE data.

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The quota for Qualified Institutional Buyers (QIBs) got subscribed 1.97 times while the category for Retail Individual Investors (RIIs) fetched 1.05 times subscription. The portion for non-institutional investors received 66 per cent subscription.

The IPO had a fresh issue of up to Rs 250 crore and an Offer For Sale of up to 1,19,17,075 equity shares.

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The IPO had a price range of Rs 280-295 a share.

On Monday, Popular Vehicles and Services said it has garnered Rs 180.17 crore from anchor investors.

Proceeds of the fresh issue will be used for debt payment and general corporate purposes.

Popular Vehicles and Services is a leading diversified automotive dealership in the country with a presence across the automotive retail value chain, including the sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles, and facilitation of the sale of third-party financial and insurance products.

It operates passenger vehicle dealerships of Maruti Suzuki, Honda, and JLR and the commercial vehicle dealership of Tata Motors.

ICICI Securities, Nuvama Wealth Management Ltd (formerly known as Edelweiss Securities Ltd) and Centrum Capital were the managers to the offer.

The equity shares of the company will be listed on the BSE and NSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)