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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment of borrowings
Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company and its subsidiaries.
General corporate purposes
Balance of the fresh issue proceeds to be used for general corporate purposes.
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Popular Vehicles and Services Limited is a Kerala based automobile dealership group, originally incorporated in 1983 in Kochi and part of the Kuttukaran Group. The company runs multi brand dealerships that cover the full ownership lifecycle of a vehicle, including sale of new passenger and commercial vehicles, after sales service and repair, spare parts and accessories distribution, resale and exchange of pre owned vehicles, driving schools, and facilitation of third party vehicle finance and insurance products. Its passenger vehicle dealerships represent Maruti Suzuki, Honda, and Jaguar Land Rover, its commercial vehicle dealerships represent Tata Motors and BharatBenz (Daimler India Commercial Vehicles), and it also holds electric vehicle dealerships for Piaggio three wheelers and Ather two wheelers. As of its IPO filing the group operated a network of 59 showrooms, 126 sales outlets and booking offices, 31 pre owned vehicle showrooms, 134 authorised service centres, 40 retail outlets, and 24 warehouses, spread across 14 districts of Kerala, 8 districts of Karnataka, 12 districts of Tamil Nadu, and 7 districts of Maharashtra. Revenue grew from about Rs 2,919 crore in FY21 to Rs 3,484 crore in FY22 and Rs 4,893 crore in FY23, while profit after tax rose from Rs 32 crore to Rs 34 crore and then to Rs 64 crore over the same period, reflecting the group's expanding dealership footprint and improving profitability in a largely low margin auto retail business. The company completed its initial public offer in March 2024 and its shares trade on both NSE and BSE.
The company raised Rs 180.17 crore from 13 anchor investors through 18 applications, with shares allocated at the anchor investor offer price of Rs 295 per share, the same as the cap end of the IPO price band.
Source: RHP • Analysis provided for informational purposes
Last Updated: 15 July 2026, 5:30 AM
Diversified multi brand portfolio
The company represents multiple OEMs across passenger, commercial and electric vehicles, which spreads its dependence across several brands rather than a single manufacturer.
Wide South India network
A large network of showrooms, service centres and outlets across Kerala, Karnataka, Tamil Nadu and Maharashtra gives it scale and reach in the South Indian auto retail market.
Full vehicle lifecycle coverage
Beyond new vehicle sales, the group earns from servicing, spare parts, pre owned vehicle resale, driving schools and financial product facilitation, which diversifies its revenue base.
Heavy dependence on top OEM partners
Maruti Suzuki and Tata Motors together account for the large majority of consolidated revenue, so any adverse change in these dealership arrangements would materially affect the business.
Dealership agreement terms set by OEMs
Dealership agreements can be modified, non renewed or terminated by the principal manufacturers, which limits the company's control over key terms of its own business.
Thin margins typical of auto retail
Automobile dealership is inherently a low margin, high volume business, so profitability remains sensitive to vehicle sales volumes and input costs.
Popular Vehicles and Services Limited
MUFG Intime India Private Limited
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