New Delhi, Mar 12 (PTI) The initial public offer of Kochi-based Popular Vehicles and Services, engaged in the automotive dealerships and services space, was subscribed 27 per cent on the first day of bidding on Tuesday.

The Rs 602-crore initial share sale received bids for 39,17,300 shares against 1,44,15,110 shares on offer, as per NSE data.

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The retail individual investors (RIIs) part fetched 47 per cent subscription, and the quota for non-institutional investors got subscribed 11 per cent.

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

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The issue consists of Rs 250 crore of fresh issue and Rs 352 crore of offer for sale by the promoters led by Naveen Philip, the managing director of the company, and his Kuttukaran family, which now holds 69 per cent of the company.

Promoter Banyan Tree Growth Capital is selling 19 per cent of its 29 per cent ownership in the company.

The promoters' shareholding will fall to 61 per cent while that of Banyan Tree will come down to 10 per cent.

Banyan Tree has been with Popular since 2015 when it had picked up 33 per cent for Rs 65 crore.

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 and Centrum Capital are the book-running lead managers for advising the company on the IPO.

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)