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.
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The Initial Public Offer (IPO) of Popular Vehicles and Services received 1.23 times subscription on the closing day of bidding on Thursday.
IPO had a range of Rs 280-295 a share
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.
