Voler Car IPO launches: See important dates, GMP, price band, other details

Home-to-office transportation services provider Voler Car Ltd has launched its Initial Public Offering (IPO) on Wednesday, February 12, to raise ₹27 crore.

The company, incorporated in 2010, provides employee transportation services to large MNCs and corporate clients with a fleet of over 2,500 vehicles, including cars, SUVs, electric vehicles, buses and tempo travellers operating in Kolkata, Mumbai, Pune, Bhubaneshwar, Delhi-NCR, and Ahmedabad.

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Key details of the Voler Car IPO

The Voler Car IPO is an entirely fresh issue of 30 lakh shares at a price band between ₹85 and ₹90 per share.

At the upper part of the price band, the total offer size can be valued at around ₹27 crore.

50% of the net issue is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

Retail investors have to submit bids with a minimum lot size of 1,600 shares. This totals an investment of ₹1.44 lakh crore at the upper part of the price band.

The subscription window will be open between February 12 and February 14. The share allotment is expected to be done on February 17 and this will be followed by initiation of refunds for the non-allottees and credit of shares into the respective demat accounts on February 18.

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Voler Car shares will be listed on the NSE SME platform, Emerge on February 19.

The company plans to use net proceeds for its working capital requirement. A part of the funds raised will also be used for general corporate purposes and IPO-related expenses.

In the financial year 2023-24, the company’s revenue jumped over 18% year-on-year to ₹31.45 crore from ₹26.63 crore previously. Its net profit also climbed 79% year-on-year to ₹3.56 crore from ₹1.99 crore earlier.

GYR Capital Advisors is the sole book-running lead manager and Kfin Technologies Ltd is the registrar. Meanwhile, Wiinance Financial Services is the market maker.

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Voler Car IPO GMP

The Grey Market Premium (GMP) for Voler Car was ₹11 as of 9:30 am on February 12, according to an NDTV Profit report.

Voler Car Ltd shares are expected to make their market debut at ₹101 on the NSE SME, which is a premium of 12.22% over the issue price, according to the report which cited InvestorGain estimates.