Popular Vehicles shares make weak market debut; decline nearly 2% in opening trade

New Delhi, The stock of Popular Vehicles and Services Ltd made a weak market debut on Tuesday, listing with a discount of nearly 2 per cent, from the issue price of Rs 295. Shares of the company started the day at Rs 292, down 1 per cent from the issue price on the BSE. Later, the stock tumbled 10.88 per cent to Rs 262.90.

On the NSE, it listed at Rs 289.20, registering a decline of 1.96 per cent.

The company commanded a market valuation of Rs 1,928.05 crore.

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 had a fresh issue of up to Rs 250 crore and an offer for sale of up to 1,19,17,075 equity shares.

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

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.