Voler Car IPO Subscribed Over 2 Times on Day 2: Check GMP, Price Band, and Details
The SME initial public offering (IPO) of Voler Car has garnered significant interest, being fully subscribed 2.54 times by the end of Day 2. The IPO, which opened for public bidding on February 12, aims to raise Rs 27 crore.
Subscription Status
As of 12:50 PM on Thursday, February 13:
- Overall Subscription: 2.54 times
- Retail Portion: Subscribed 2.81 times
- Non-Institutional Investors (NII): Subscribed 60%
- Qualified Institutional Buyers (QIB): Subscribed 3.51 times
Voler Car IPO GMP (Day 2)
Ahead of listing, the company's shares were trading with a Grey Market Premium (GMP) of Rs 11 on Thursday. This indicates a premium of 12.2% over the upper end of the IPO price band of Rs 90.
Allotment and Listing Dates
- Share Allotment: February 17
- Listing Date: February 19 (on the NSE SME platform)
Voler Car IPO Price Band
The IPO is priced in the range of Rs 85-90 per share. Investors can bid for a minimum of 1600 shares in one lot and in multiples thereafter.
About Voler Car
Voler Car is primarily engaged in providing employee transportation services (ETS) to IT/ITeS, large corporates, and MNCs across major cities in India.
Key Features of Voler Car's Services:
- Comprehensive home-to-office-to-home transportation
- 24/7 customer service
- Dedicated location teams
- Fleet of verified vehicles and chauffeur-drivers
The company manages a pooled fleet of over 2,500 vehicles, including cars, sedans, SUVs, electric vehicles, buses, and tempo travelers. In fiscal year 2023-24, it completed 3,23,550 trips, averaging over 884 trips per day.
Asset-Light Model
Voler Car operates largely on an asset-light model, where the majority of vehicles are sourced from vendors rather than owned. This strategy allows the company to maximize revenue by optimizing seat usage and enhancing overall employee mobility.
Financial Performance
For the period ended September 2024, the company reported revenues of Rs 21 crore and a profit after tax of Rs 2.48 crore.
Lead Managers and Registrar
- Book-Running Lead Manager: GYR Capital Advisors
- Registrar: Kfin Technologies
With the IPO closing on February 14, potential investors should consider these details before making a decision.
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