The SME initial public offering (IPO) of Voler Car, which opened for public bidding on February 12, was fully subscribed on Friday with an overall subscription of 4.98 times as of 10:50 AM on the final day of bidding. The company aims to raise Rs 27 crore through the IPO, with the issue closing on February 14.
The retail portion of the issue was subscribed by 6.1 times, while the issue was subscribed by 4.28 times in the non-institutional investors category on the final day of bidding. Meanwhile, the qualified institutional buyers had subscribed by 3.51 times of the allotted portion.
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Voler Car IPO’s GMP on Day 3
Ahead of listing, the company’s shares were trading with a GMP of Rs 9 in the unlisted market on Friday, indicating a premium of 10% over the upper end of the IPO price band of Rs 90.
Allotment and listing date
The share allotment for the IPO will be finalised on February 17 and the listing of the shares is scheduled on February 19, with the shares set to list on the NSE SME platform.
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Price band of Voler Car IPO
Voler Car IPO is priced in the range of Rs 85-90 apiece, where investors can bid for 1600 shares in one lot and in multiples thereafter.
About Voler Car IPO
Voler Car is primarily engaged in providing employee transportation services (ETS) to IT/ITeS, large corporates and MNCs clients with presence across various major cities in India.
Its ETS solutions cover comprehensive home-to-office-to-home transportation, supported by 24/7 customer service, dedicated location teams, and a fleet of verified vehicles and chauffeur-drivers.
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The company manages a pooled fleet of over 2,500 vehicles, including small cars, sedans, SUVs, electric vehicles, buses, and tempo travellers. In the fiscal year 2023-24, it completed 3,23,550 trips, averaging over 884 trips per day.
Voler Car operates largely on an asset-light model where the majority of our vehicles are sourced from vendors rather than owned. This strategy allows it to maximize revenue by optimizing seat usage and enhancing overall employee mobility.
For the period ended September 2024, the company clocked revenues of Rs 21 crore and a profit after tax of Rs 2.48 crore in the same period.
GYR Capital Advisors is the book-running lead manager of the Voler Car IPO and Kfin Technologies is the registrar.
