Popular Vehicles and Services IPO comprises fresh equity issue of Rs 250 crore and an offer for sale up to 1.42 crore shares.
Banyan Tree Growth Capital is the sole selling shareholder under the OFS.
The company is a leading diversified automobile dealership in India in terms of revenue as of FY23, having a fully integrated business model.
They cater to the complete life cycle of vehicle ownership, right from the sale of new vehicles, servicing and repairing vehicles, distributing spare parts and accessories, to facilitating sale and exchange of pre- owned vehicles, operating driving schools and facilitating the sale of third-party financial and insurance products.
Net proceeds from the fresh issue will be used towards repayment of debt availed by the company and its subsidiaries and for other general corporate purposes.
ICICI Securities, Nuwama Wealth and Centrum Capital are the book running lead managers to the issue.Meanwhile, Azad Engineering’s IPO includes a fresh issue of up to Rs 240 crore and an OFS of Rs 500 crore. Under the OFS, Rakesh Chopdar, Piramal Structured Credit Opportunities Fund and DMI Finance will sell shares.
The company proposes to utilise the net proceeds for funding capital expenditure of the company, repayment of debt and general corporate purposes.
Azad Engineering is one of the key manufacturers of their qualified product lines supplying to global original equipment manufacturers in the aerospace and defence, energy, and oil and gas industries, manufacturing highly engineered, complex and mission and life-critical components.
The company makes complex and highly engineered precision forged and machined components that are mission and life-critical and hence, some of their products have a zero parts per million defects requirement.
Axis Capital, ICICI Securities, SBI Capital Markets and Anand Rathi are the book running lead managers to the issue
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