₹ 280 - ₹ 295
12-Mar-2024 - 14-Mar-2024
₹ 14750.00



12-Mar-2024 - 14-Mar-2024

₹ 280 - ₹ 295

Price Band

₹ 14750.00

Minimum Investment


Bid Lot



IPO Details

Fresh issue of equity shares aggregating upto Rs. 250 Cr and Offer for Sale of 11,917,075 Equity Shares

Category % Shares/Amount
QIB 50% 10,178,875 Shares Rs.300.28 Cr
HNI 1 5% 1,017,888 Shares Rs.30.03 Cr @ 1454 Form 1X
HNI 2 10% 7,125,214 Shares Rs.210.19 Cr @ 2908 Form 1X
Retail 35% 10,178,875 Shares Rs.300.28 Cr @ 142504 Form 1X
Employee 0% 37,453 Shares Rs. 1.10 Cr

BRLMs: ICICI Securities, Nuvama Wealth, Centrum Capital

Application Require for 1 Time

Retail (Upto 2 Lakh) HNI (2 Lakh to 10 Lakh) HNI (Above 10 Lakh)
142504 Form 1X 1454 Form 1X 2908 Form 1X

IPO Lot Size

Category Lots Shares Amount
Retail (Upto 2 Lakh) 1 50 ₹ 14,750
Retail (Upto 2 Lakh) 13 650 ₹ 191,750
S-HNI (2 Lakh to 10 Lakh) 14 700 ₹ 206,500
S-HNI (2 Lakh to 10 Lakh) 67 3350 ₹ 988,250
B-HNI (Above 10 Lakh) 68 3400 ₹ 1,003,000

IPO Timeline

  • Open Date

  • Close Date

  • Basis of Allotment Date

  • Initiation of Refunds

  • Credit Shares to Demat A/c

  • IPO Listing Date


About Company

  • Polular Vehicles and Services Limited (“PVSL”) was incorporated on July 5, 1983. The Kuttukaran Group company, PVSL is a leading diversified automobile dealership in India in terms of revenue as of Fiscal 2023, having a fully integrated business model. PVSL 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 preowned vehicles, operating driving schools and facilitating the sale of third-party financial and insurance products.

  • PVSL categorises their automobile dealership business into 3 key segments, namely, (a) Passenger Vehicles including luxury vehicles, (b) Commercial Vehicles and (c) Electric 2-wheeler and 3-wheeler Vehicles.

  • PVSL operates passenger vehicle dealerships of Maruti Suzuki, Honda and JLR. The company operates commercial vehicle dealerships of Tata Motors (Commercial) and BharatBenz.

  • The company entered the electric 2-wheeler and 3-wheeler vehicles segment in 2021 and they operate their electric 2-wheeler and 3-wheeler vehicle dealerships of Ather and Piaggio, respectively.

  • Company’s services, repairs and maintenance under each of their dealerships include work undertaken during warranty period, outside warranty period paid by the customer, running repair and collision repair services.

  • They also deal in the exchange, acquisition and sale of pre-owned passenger vehicles across their vehicle dealerships.

  • As of December 31, 2023, PVSL operated through their network of 61 showrooms, 133 sales outlets and booking offices, 32 pre-owned vehicle showrooms and outlets, 139 authorised service centres, 43 retail outlets, and 24 warehouses located across 14 districts of Kerala, 8 districts in Karnataka, 12 districts in Tamil Nadu and 9 districts in Maharashtra.

  • During the 6 months ended September 30, 2023, they sold an aggregate of 16,476 new passenger vehicles, 5,350 new commercial vehicles and 2,167 new electric 2-wheeler and 3-wheeler vehicles.

  • The revenue from servicing of passenger vehicles and commercial vehicles has seen a significant increase, from ?365.16 crore and ?67.51 crore in Fiscal 2021 to ?571.61 crore and ?141.87 crore in Fiscal 2023, respectively.

  • In Fiscal 2023, they were ranked ‘All India Highest in the Bodyshop Load’ for Maruti Suzuki. Further, the number of electric 2-wheeler and 3-wheeler vehicles sold by them has also increased from 252 in Fiscal 2022 to 3,381 in Fiscal 2023.

Read More


Competitive Strength 

  • Long standing presence in the automobile industry and well-established relationships with leading OEMs;
  • Penetration in markets complemented by innovative marketing strategies;
  • Fully integrated business model leading to business stability and higher margin;
  • Proven ability to identify and capture inorganic as well as organic growth opportunities;
  • Consistent track record of profitable financial performance and increasing growth;
  • Experienced promoters and management team.

 Business Strategies 

  • Sustained growth of the higher margin services and repair business, sale of pre-owned passenger vehicles and facilitation of sale of third-party financial products;
  • Continue to increase sales at the existing dealerships;
  • Expansion of the network and diversification of the product portfolio;
  • Grow through strategic acquisitions;
  • Invest in technology and increase the digital presence.

Company Promoters

Jacob Kurian is the Chairman and Non-Executive Independent Director of the company. John K. Paul is the Whole-time Director of the company. Francis K. Paul is a Whole-time Director of the company. Naveen Philip is a Managing Director of the company. Preeti Reddy is a Non-Executive Independent Director of the company. George Joseph is a Non-Executive Independent Director of the company. Rakesh Kumar Bhutoria is the Non-Executive Nominee Director of the company. Varun T.V is the Company Sec

Company Financials

Popular Vehicles & Services Limited's revenue increased by 40.42% and profit after tax (PAT) rose by 90.31% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended 30 Sep 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021
Assets 1,941.78 1,503.78 1,263.29 1,118.94
Revenue 2,848.21 4,892.63 3,484.20 2,919.25
Profit After Tax 40.04 64.07 33.67 32.46
Net Worth 384.21 343.04 279.89 246.00
Reserves and Surplus 371.67 330.50 267.34 233.46
Total Borrowing 764.61 505.01 371.91 353.04
Amount in ? Crore

Objects of the Issue

  1. passenger vehicles including luxury vehicles,
  2. commercial vehicles and
  3. electric two-wheeler and three-wheeler vehicles

How to Apply

Apply for IPO in few simple steps.

  • Step 01 :

    Once you create your account, Login to Us.

  • Step 02 :

    Under IPO Section, you will be able to see a list of Ongoing IPOs, where you can click on apply button.

  • Step 03 :

    Add quantity of shares to apply – Maximum 3 bids are allowed (For retail category – max amount Rs.2,00,000/-).

  • Step 04 :

    Enter your UPI ID and you will receive mandate on your UPI App.

  • Step 05 :

    Once you accept the mandate, Application is submitted successful.

  • Applying for an IPO is easier than ever with Us, in just a few clicks your application is processed. You can bid for any IPO through Us, the bidding process is simple and hassle free. Every company has a lot size decided & you can buy in multiples of the decided lot.
  • If lot size is 15, then you have to bid for multiples of 15 share like 30,45,60 and so on.
  • The maximum subscription amount for retail investors is 2 lakh.
  • Any bid can be at a desired price or cut off price given by the company.

  • Enter the number of shares you wish to buy, as per the lot size.
  • You can apply at the cut off price set by the company or bid for a desired amount within the price band.
  • Maximum three bids will be accepted.
  • You then need to enter the UPI ID on IPO application form.

  • You will immediately get a fund blocked request on your UPI for the submitted IPO application.
  • The funds will be blocked in your bank account until allotment when it is debited.
  • The limit for IPO application is Rs 2 lakh per transaction on UPI.
  • On allotment of the shares, the money will be automatically debited.
  • If the share aren’t allotted the blocked funds will reflect back into your account.

Frequently Asked Questions

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