POPULAR VEHICLES AND SERVICES LIMITED INTIAL PUBLIC OFFER TO OPEN ON MARCH 12, 2024

• Price Band fixed at ₹ 280 to ₹ 295 per Equity Share of face value of ₹ 2 each (“Equity Share”);

• Bid /Offer will Opens on Tuesday, March 12, 2024 and Thursday, Closes on March 14, 2024. The Anchor Investor Bidding Data shall be Monday, March 11, 2024;

• Bids can be made for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter;

• The floor price is 140 times the face value of the Equity Shares and the Cap price is 147.50 times the face value of the Equity Shares;

• The price / earnings ratio based on diluted EPS for Fiscal 2023 for our company at the upper end of the price band is as high as 28.86 times as compared to the average industry peer group P/E ratio of 34.84 times

• RHP Link:
https://www.icicisecurities.com/Upload/ArticleAttachments/Popular%20Vehicles%20and%20Services%20Ltd_RHP.pdf

Bhubaneswar: Popular Vehicles and Services Limited (“PVSL” or The “Company”), shall open its Bid / Offer in relation to its initial public offer of Equity Shares on Tuesday, March 12, 2024.
The Total Offer Size comprises of fresh issue of Equity Shares aggregating up to ₹ 2,500 million [₹ 250 crore] (The “Fresh Issue”) and Offer for Sale up to 11,917,075 Equity Shares. (The “Offer for Sale”), (Together, “The Total Issue Size”)
The Price Band of the Offer has been fixed at ₹ 280 to ₹ 295 Per Equity Share. Bids can be made for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter. (The “Price Band”)
The Anchor Investor Bidding Date shall be on Monday, March 11, 2024. The Bid/Offer will open on Tuesday, March 12, 2024 for subscription and close on Thursday, March 14, 2024. (The “Bid / Offer Period”)
A discount of ₹ 28 per equity share is being offered to eligible employees bidding in the Employee Reservation portion. (The “Employee Reservation Portion”)
The company proposes to utilize the net proceeds from IPO towards repayment and/or pre-payment, in full or part, of certain borrowings, availed by the company and certain of their subsidiaries, namely, PAWL, PMMIL, KGPL, KCPL and PMPL ₹1,920 million and balance amount for general corporate purposes. (The “Objects of the Offer”)

The Offer for Sale comprises of up to 11,917,075 Equity Shares by BanyanTree Growth Capital II, LLC. (The “Promoter Selling Shareholder”)
The Equity Shares offered through this Red Herring Prospectus of the Company dated March 4, 2024 filed with Registrar of Companies, Kerala at Ernakulam (“RoC”) (The “RHP”) and are proposed to be listed on the Stock Exchanges being BSE Limited and National Stock Exchange of India Limited.
For the purposes of the Offer, National Stock Exchange of India Limited is the Designated Stock Exchange.
See ‘Offer Procedure’ beginning on page 415
ICICI Securities Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and Centrum Capital Limited are the Book Running Lead Managers to the Offer.
All capitalised terms used herein but not defined shall have the same meaning as ascribed to them in the RHP.