Shares started the day at Rs 292 against issue price of Rs 295
BBN Bureau
New Delhi: The stock of Popular Vehicles and Services Ltd made a weak market debut on Tuesday and ended with a discount of over 6 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. During the day, the stock tumbled 10.88 per cent to Rs 262.90. It finally ended at Rs 276.25, a decline of 6.35 per cent.
On the NSE, the stock listed at Rs 289.20, registering a decline of 1.96 per cent. It later ended at Rs 276.45, lower by 6.28 per cent.
The company commanded a market valuation of Rs 1,966.85 crore.
In traded volume terms, 3.82 lakh shares of the company were traded on the BSE and over 45.18 lakh shares on the NSE during the day.
The 30-share BSE Sensex tanked 736.37 points or 1.01 per cent to settle at 72,012.05. The NSE Nifty slumped 238.25 points or 1.08 per cent to finish at 21,817.45.
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.
