New Delhi: The Initial Public Offer (IPO) of Popular Vehicles and Services received 1.23 times subscription on the closing day of bidding on Thursday. The Rs601.55 crore-IPO received bids for 1,77,74,350 shares against 1,44,15,110 shares on offer, as per NSE data. The quota for Qualified Institutional Buyers (QIBs) got subscribed 1.97 times while the category for Retail Individual Investors (RIIs) fetched 1.05 times subscription. The portion for non-institutional investors received 66 per cent subscription. The IPO had a fresh issue of up to Rs250 crore and an Offer For Sale of up to 1,19,17,075 equity shares. The IPO had a price range of Rs280-295 a share. On Monday, Popular Vehicles and Services said it has garnered Rs180.17 crore from anchor investors. Proceeds of the fresh issue will be used for debt payment and general corporate purposes.
