Kerala-based Popular Vehicles and Services plans entry in west, north

Kerala-based Popular Vehicles and Services, which is gearing up to become the only publicly-traded automobile retailer in India, has said it is planning to expand its footprint into major states like Maharashtra, Gujarat and also the National Capital Region (NCR).

The company said it will focus more on the services segment of the business rather than sales, going ahead.

It is coming up with an initial public offering (IPO) comprising fresh issuance of equity shares worth Rs 150 crore and an offer for sale (OFS) of 2.6 million shares by private equity major Banyan Tree. The date of the IPO is yet to be decided.

Banyan Tree, which had invested $10 million in Popular Vehicles in 2015, will be selling its 34.01 per cent stake through OFS, aiming to raise around Rs 800 crore.

In terms of sales, Popular is among the top five dealership groups in the country – catering to Maruti Suzuki, Tata Motors, Honda and JLR.

BS