Kerala-based automobile dealer Popular Vehicles and Services has mobilised Rs 180.17 crore from institutional investors via an anchor book launched for a day on March 11.
The above fundraising has taken place a day before the issue opening on March 12. The last day for subscription to the IPO will be March 14.
The company informed exchanges on Monday that it has finalised the allocation of 61,07,325 equity shares to anchor investors for Rs 295 per equity share.
Marquee investors like HDFC Mutual Fund, Quant Mutual Fund, HSBC Global Investment Funds, Lionglobal Investment Funds, BofA Securities Europe SA, Pinebridge Global Funds and ITI Mutual Fund invested in the company via anchor book.
Further, Citigroup Global Markets Mauritius, SBI General Insurance Company, LC Pharos Multi-Strategy Fund, 3P India Equity Fund, Integrated Global Strategies Asia, and Copthall Mauritius Investment also participated in the book.
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HDFC Mutual Fund is the largest investor in Popular Vehicles and Services IPO, picking Rs 74 crore worth of equity shares via anchor book.
"Out of the total allocation of 61,07,325 equity shares to anchor investors, 38,14,148 equity shares were allocated to three domestic mutual funds, which have applied through a total of 8 schemes," Popular Vehicles said in a BSE filing.
The automobile dealer is planning to raise Rs 601.55 crore through its initial public offering at the upper price band. The IPO comprises a fresh issue of Rs 250 crore worth of shares by the company, and an offer-for-sale of 1.19 crore equity shares worth Rs 351.55 crore by private equity fund BanyanTree Growth Capital II, LLC.
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Currently, BanyanTree is the largest shareholder in the company with 30.36 percent shareholding, while promoters John K Paul, Francis K Paul, and Naveen Philip hold a 23.15 percent stake each.
The price band for Popular Vehicles and Services IPO has been fixed at Rs 280-295 per share.
The company will utilise Rs 192 crore out of the net fresh issue proceeds towards repayment of debts, and the remaining for general corporate purposes.
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ICICI Securities, Nuvama Wealth Management, and Centrum Capital are the merchant bankers on the issue.
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