Popular Vehicles and Services will hit the market soon with an Rs 800 crore IPO.
The IPO filed in August consists of a fresh issue of Rs 150 crore.
And, an offer for sale of up to 4.27 million shares by Banyantree Growth Capital II, LLC.
Currently, Banyantree Growth Capital holds nearly 34% stake in the firm.
The proceeds from the issue will be used to repay debt.
It includes working capital loans availed by the firm and its arms.
The IPO would lead Popular‘s founder Kuttukaran family to the billionaire club.
A media report said the Kuttukaran family will be worth around Rs 3,000 crore.
Three promoters own 2.7511 crore shares, each constituting a total of 8.253 crore shares.
They own a 65.79% stake in the car dealer firm.
