Popular Vehicles and Services receives final approval from SEBI to raise funds via IPO

livemint.com:

₹250 crore and an offer-for-sale (OFS) component of 1.42 crore equity shares by Banyantree Growth Capital II, LLC. BRLMs to the issue are ICICI Securities, Nuwama Wealth and Centrum Capital. The company had submitted revised preliminary documents in September of this year to raise funds through an initial public offering (IPO).

The company had initially filed IPO papers in August 2021 but postponed the offering due to unfavorable market conditions. The Kerala-based company, a prominent diversified automotive dealership in the nation with a widespread presence across the automotive retail value chain, intends to utilize the net proceeds from the fresh issue to retire its debt and for general corporate purposes. It caters 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.

Meanwhile, BLS E-Services, the subsidiary of visa and immigration services company BLS International Services, also received markets regulator approval to launch its IPO. The company had filed draft papers in with the SEBI in August 2023. The public issue comprises only a fresh issue of 2.41 crore equity shares by the company and there won't be any OFS component in the offer.