Popular Vehicles & Services
Book Building issueMainboard₹602 Cr issue
-1.02%
Listing gain over issue price
Issue size
₹602 Cr
1 lot at cut-off
₹14,750
Lot size
50shares
Open
12 Mar 2024
Close
14 Mar 2024
Allotment
15 Mar 2024
Listing
19 Mar 2024
Listing performance
Issue price
₹295
Listed at
₹292
Listing-day close
₹276.25
Latest price
₹91.24
Close on 23 Oct 2026
Listing gain
-1.02%
Return since issue
-69.07%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Mar 2024 – 14 Mar 2024
- Listing date
- 19 Mar 2024
- Face value
- ₹2 per share
- Issue price
- ₹295 per share
- Lot size
- 50 shares
- Issue type
- Book Building issue
- Total issue size
- ₹602 Cr
- Market cap at offer price
- ₹2,100 Cr
- Promoter holding
- 69.45% → 61.17% pre-issue → post-issue
- ISIN
- INE772T01024
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- Kuttukaran Centre, Mamangalam, Ernakulam, Kerala
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 61,07,325 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 50 shares per lot, in multiples, at ₹295
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 50 | ₹14,750 |
| Retail (max) | 13 | 650 | ₹1,91,750 |
| S-HNI (min) | 14 | 700 | ₹2,06,500 |
| S-HNI (max) | 67 | 3,350 | ₹9,88,250 |
| B-HNI (min) | 68 | 3,400 | ₹10,03,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
61,07,325
Anchor portion
₹180 Cr
at ₹295 per share
Valuation and performance
Valuation at offer price
₹295 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.22 | 11.25 |
| P/E (×) | 28.86 | 26.22 |
| Price to book (×) | 4.82 | — |
| Market cap | — | ₹2,100 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 10.42%
- ROCE
- 8.83%
- Debt / equity
- 1.99
- PAT margin
- 1.41%
- NAV per share
- ₹61.26
- Price to book
- 4.82
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Popular Vehicles & Services
Popular Vehicles and Services Limited, incorporated on July 5, 1983 in Kochi, Kerala, is a diversified automobile dealership company with a fully integrated business model catering to the complete life cycle of vehicle ownership. The company operates dealerships for multiple original equipment manufacturers (OEMs) including Maruti Suzuki, Honda, Jaguar Land Rover (JLR), Tata Motors Commercial, BharatBenz, Piaggio, and Ather. The company generates revenue through sale of new vehicles (68.07% of revenue in Fiscal 2023), sale of spare parts (7.93%), labour income from services (5.87%), insurance and finance commissions, and other ancillary services. With operations concentrated primarily in Kerala, Tamil Nadu, and Karnataka, the company is described as a diversified automobile dealership in India in terms of revenue for Fiscal 2023 according to the CRISIL Report.
Company Analysis
from RHPPopular Vehicles and Services Limited is a diversified automobile dealership in India operating integrated dealerships for new vehicle sales, vehicle servicing and repair, spare parts and accessories distribution, and pre-owned vehicle sales across passenger, commercial, and electric vehicle segments.
Popular Vehicles and Services Limited, incorporated on July 5, 1983 in Kochi, Kerala, is a diversified automobile dealership company with a fully integrated business model catering to the complete life cycle of vehicle ownership. The company operates dealerships for multiple original equipment manufacturers (OEMs) including Maruti Suzuki, Honda, Jaguar Land Rover (JLR), Tata Motors Commercial, BharatBenz, Piaggio, and Ather. The company generates revenue through sale of new vehicles (68.07% of revenue in Fiscal 2023), sale of spare parts (7.93%), labour income from services (5.87%), insurance and finance commissions, and other ancillary services. With operations concentrated primarily in Kerala, Tamil Nadu, and Karnataka, the company is described as a diversified automobile dealership in India in terms of revenue for Fiscal 2023 according to the CRISIL Report.
automobile dealershipautomotive retailvehicle servicing and repairspare parts and accessories distributionpre-owned vehicle salesdriving schoolsfinancial and insurance product distribution
Objects of the Issue
- Repayment and/or pre-payment, in full or part, of certain borrowings, availed by our Company and certain of our Subsidiaries, namely, PAWL, PMMIL, KGPL, KCPL and PMPL ₹1,920.00 million p.20
- General corporate purposes p.20
- Fresh Issue for purposes detailed in Objects of the Offer ₹2,500.00 million p.65
- Repayment and/or pre-payment, in full or part, of certain borrowings, availed by our Company and certain of our Subsidiaries, namely, PAWL, PMMIL, KGPL, KCPL and PMPL ₹1,920.00 million p.111
- General corporate purposes [●] p.120
- Not specified in document
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹2,500.00 million
- Offer for Sale
- Up to 11,917,075 Equity Shares aggregating up to ₹[●] million
- Price Band
- [●] per Equity Share (Floor Price ₹[●]; Cap Price ₹[●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹2 each
Business Model
The company operates through a fully integrated business model covering the entire vehicle ownership lifecycle: (1) Sale of new vehicles through authorized dealerships with multiple OEMs; (2) After-sales services and vehicle repairs through authorized service centres; (3) Distribution of spare parts and accessories; (4) Facilitation of pre-owned vehicle sales and exchange; (5) Operation of driving schools; and (6) Facilitation of third-party financial and insurance products. The company generates revenue from vehicle sales (approximately 70% of total income), services revenue including labour income and spare parts sales (approximately 14-15% of total income), and commission-based income from insurance and finance products.
Business Segments
Sale of new vehicles through authorized dealerships with multiple OEMs including Maruti Suzuki, Honda, JLR, Tata Motors Commercial, BharatBenz, Piaggio, and Ather
After-sales services and vehicle repair through authorized service centres, including labour income from servicing
Distribution and sale of spare parts and accessories for vehicles
Insurance commissions, finance commissions, and income from OEM schemes and incentives
Facilitation of pre-owned vehicle sales, operation of driving schools, and other ancillary services
Provides repair and maintenance services for vehicles
Distributes spare parts and accessories for vehicles
Dealership of new passenger vehicles, commercial vehicles, and electric vehicles across multiple OEM partnerships
Distribution and sale of spare parts and accessories for vehicles
Trading and sale of pre-owned/used vehicles
Vehicle servicing, maintenance, and after-sales services
Income from schemes and incentives, financing and insurance commissions, driving school, and other operating activities
Operation of passenger vehicle dealerships for Maruti Suzuki (Arena and Nexa brands), Honda (Vision brand), and Jaguar Land Rover (Marqland brand) covering economy, premium and luxury vehicles with sales, services, repairs, pre-owned vehicle sales, and facilitation of third-party financial and insurance products.
Operation of commercial vehicle dealerships for Tata Motors (Commercial) (Popular Mega Motors brand) and BharatBenz (Prabal Trucking brand) covering small commercial vehicles, light commercial vehicles, intermediate commercial vehicles, medium and heavy commercial vehicles, and buses, with sales, services, repairs, and facilitation of third-party financial and insurance products.
Operation of electric vehicle dealerships for Ather electric two-wheelers (Ecomarq brand) and Piaggio electric three-wheelers (Ecomarq brand) including commercial and cargo vehicles, with sales, services, repairs, and facilitation of third-party financial and insurance products.
Distribution of OEM spare parts and accessories through retail outlets and warehouses across Kerala and Karnataka, serving approximately 3,200 customers including sellers, independent workshops, authorised service centres and vehicle dealers. Operation includes 2 pre-owned vehicle retail outlets under the brand name 'Kartrenz', 43 retail outlets, and 24 warehouses.
New vehicle sales, pre-owned vehicle sales, service, and spare parts for Maruti Suzuki vehicles across Arena and Nexa channels
Sale and service of Tata commercial vehicles through Popular Mega Motors (India) Private Limited subsidiary
Sale and service of Honda passenger vehicles through Vision Motors Private Limited subsidiary
Luxury vehicle dealership for Jaguar Land Rover through Popular Autoworks Private Limited subsidiary
Distribution of genuine spare parts and accessories for Tata Motors and other manufacturers through Popular Auto Dealers Private Limited
Sale of multi-brand used vehicles through dealership network
Dealership for Piaggio electric three-wheelers through Kuttukaran Green Private Limited
Dealership for Ather Energy two-wheeler electric vehicles through Kuttukaran Cars Private Limited
Sale of passenger vehicles (excluding luxury segment)
Sale of luxury vehicles
Sale of commercial vehicles
Spares parts retail sales other than through respective business segments and sale of electric vehicles - two-wheelers and three-wheelers
Operation of passenger vehicle dealerships of Maruti Suzuki (Arena and Nexa brands), Honda (Vision brand), and Jaguar Land Rover (Marqland brand), covering economy, premium and luxury vehicles. The company was awarded the first dealership in Kerala for Maruti Suzuki vehicles in 1984 and commenced Honda dealership in 2008 and JLR dealership in 2010.
Operation of commercial vehicle dealerships of Tata Motors (Popular Mega Motors brand) and BharatBenz (Prabal Trucking brand). First Tata Motors dealership awarded in 1997. Sells wide range of commercial vehicles and Maruti Suzuki commercial vehicles.
Operation of dealerships for Ather (electric two-wheelers, Ecomarq brand) and Piaggio (electric three-wheelers, Ecomarq brand). Company entered this segment in 2021.
Servicing, repairs and maintenance of vehicles across all dealership categories through 139 authorised service centres (as of December 31, 2023). Services include warranty work, paid repair services, running repairs, and collision repair services. Contributed 46.60% of EBITDA in H1 FY24.
Distribution of spare parts and accessories through retail outlets and warehouses. Commenced in 2005 through subsidiary Popular Auto Dealers Private Limited (PADL). Operates through 69 touch points comprising 2 multi-brand pre-owned vehicle retail outlets (Kartrenz brand), 43 retail outlets, and 24 warehouses across Kerala and Karnataka.
Exchange, acquisition and sale of pre-owned passenger vehicles across dealerships through 32 dedicated pre-owned vehicle showrooms and sales outlets and booking offices and 30 new passenger vehicle showrooms.
Facilitation of sale of various third-party finance and insurance products in relation to vehicles sold, extended warranty and maintenance contracts, and replacement and aftermarket services.
Operation of driving schools for training and licensing of vehicle drivers. Established first driving school in Ernakulam in 2006 and expanded to total of 7 driving schools across Kerala.
Sale of new passenger, luxury, commercial and other vehicles of OEMs through dealership network
Sale of dealer approved spare parts and accessories to customers
Sale of pre-owned vehicles through dealership network and outlets; vehicles sourced from customer exchanges and open market
Servicing and repair of vehicles manufactured by OEMs
Income from OEM schemes and incentives, finance and insurance commissions, and driving school operations
SWOT Analysis
Strengths
- • Diversified automobile dealership with fully integrated business model across vehicle sales lifecycle(p.19)
- • Strong market position as one of India's largest dealership groups with multi-state presence(p.19)
- • Proven ability to identify and capture inorganic and organic growth opportunities(p.40)
- • Established relationships with major OEMs (Maruti Suzuki, Honda, Tata Motors, JLR)(p.34)
- • High EBITDA margins in authorised service centres(p.44)
- • Extensive network of service and retail infrastructure(p.44)
- • Large employee base with established operations(p.46)
- • Diversified revenue streams across multiple segments(p.44)
- • Long-standing presence and OEM relationships(p.124)
- • Market penetration with innovative marketing(p.124)
- • Fully integrated business model(p.124)
- • Track record of capturing growth opportunities(p.124)
- • Consistent profitable performance(p.124)
- • Experienced promoters and management(p.124)
- • Long-standing presence and OEM partnerships established over 70 years(p.181)
- • Deep penetration in semi-urban and rural areas with 432 field sales executives(p.182)
- • Diversified revenue streams from fully integrated business model(p.183)
- • Ranked among top dealership groups across OEMs(p.190)
- • Proven track record of strategic acquisitions and inorganic growth(p.183)
- • Consistent profitable growth trajectory(p.183)
- • Experienced promoters with 49+ years in automobile sector(p.184)
- • Comprehensive IT infrastructure supporting dealership operations(p.214)
- • Established brand portfolio with trademark registrations(p.214)
- • Long-standing industry presence and OEM recognition(p.215)
- • Strong workforce with 10,468 employees across business verticals(p.214)
- • Comprehensive insurance coverage for business assets(p.216)
- • Diversified dealership portfolio across multiple OEM brands(p.224)
- • Recognition through multiple industry awards and accolades(p.226)
- • Largest dealership by service volume nationally for Maruti Suzuki(p.347)
- • Diversified multi-brand dealership across passenger, commercial, and electric vehicles(p.343)
- • Established market leadership in commercial vehicle segment(p.346)
- • Long-standing industry experience and deep regional presence(p.348)
- • Integrated service offerings with high-margin revenue contribution(p.351)
- • Strong financial performance with significant profit growth(p.348)
- • Ranked first nationally for BharatBenz service satisfaction(p.347)
- • Diversified revenue streams across vehicle sales, services, and ancillary operations(p.361)
- • Strong growth in revenue from new vehicle sales and services(p.365)
- • Profitable operations with consistent profit growth(p.366)
- • Strategic acquisition of new brands expanding product portfolio(p.365)
- • Distributed customer base with no single customer concentration(p.372)
Weaknesses
- • High dependence on top two OEMs accounting for over 80% of consolidated revenue(p.24)
- • Geographic concentration with 96.91% of revenue from three states (Kerala, Tamil Nadu, Karnataka)(p.35)
- • Negative operating cash flows in recent periods including six months ended September 30, 2023(p.35)
- • Outstanding criminal litigations against Promoters creating operational and reputational risk(p.22)
- • Significant outstanding litigations involving Company and Subsidiaries with material financial exposure(p.21)
- • Regulatory approval pending for John K. Paul's appointment as Whole-time Director(p.34)
- • Subject to significant operational restrictions and controls imposed by OEM dealership agreements(p.33)
- • High dependency on OEM pricing and approval discretion(p.44)
- • Restrictions on service offerings by OEMs(p.44)
- • High employee attrition rates(p.45)
- • Significant lease expense burden on operations(p.50)
- • All properties occupied are on leased premises(p.50)
- • Untraceable historical records and regulatory vulnerability(p.53)
- • Untraceable shareholders holding equity shares(p.53)
- • High unsecured loan exposure with demand recall risk(p.51)
- • High debt levels relative to equity(p.127)
- • Elevated net debt to EBITDA ratio(p.127)
- • Negative operating cash flow in recent period(p.127)
- • Deteriorating inventory turnover(p.127)
- • Heavy dependence on top two OEMs for majority of revenue(p.27)
- • Geographic concentration in South India with limited presence in other states(p.177)
- • Significant leverage with high debt-to-equity ratio(p.180)
- • Vulnerability to OEM policy changes and termination at short notice(p.190)
- • Short tenure of Honda dealership agreement at only 9 months(p.192)
- • Significant dependence on licensed trademarks subject to change(p.214)
- • High employee attrition in contractual workforce(p.215)
- • Heavy reliance on leased properties for operations(p.218)
- • Multiple unregistered lease agreements with Promoter Group(p.217)
- • Insurance coverage below historical asset book values in some periods(p.216)
- • High leverage with debt-to-equity ratio of 1.99(p.340)
- • Operating loss from cash flows despite profitability(p.348)
- • Subsidiaries with negative net worth(p.340)
- • Negative net worth in Kuttukaran Green subsidiary despite revenue growth(p.341)
- • Significant increase in working capital days impacting cash position(p.348)
- • High net debt-to-EBITDA multiple(p.348)
- • High finance costs and debt burden affecting profitability(p.365)
- • Significant concentration of borrowings with working capital and inventory funding dependencies(p.374)
- • Multiple pending employee-related litigations creating contingent liabilities(p.380)
- • Contingent liabilities from various regulatory matters and disputes(p.369)
- • Litigation involving promoters and managing director(p.378)
Opportunities
- • Significant room for expansion in nascent Indian dealership market with consolidation potential(p.19)
- • Growing electric vehicle segment providing diversification opportunity(p.34)
- • Opportunity to expand into new geographic markets beyond current concentration areas(p.35)
- • Potential for acquiring additional dealerships and integrating them into the business(p.40)
- • Expansion through strategic acquisitions and brand growth(p.44)
- • Growth in geographic footprint across multiple states(p.50)
- • India's strong GDP growth outlook(p.140)
- • Rising PV segment growth and UV preference(p.142)
- • Shift toward UV segment expansion(p.144)
- • Auto finance growth momentum(p.141)
- • India's low vehicle penetration at 25 cars per 1000 population versus developed markets(p.150)
- • Expected PV domestic sales growth of 6-8% CAGR from FY23 to FY28(p.184)
- • Pre-owned vehicle market expected to grow at 12-14% CAGR to reach 8.3-8.8 million units(p.184)
- • Strong growth in premium and UV segment with 17% CAGR(p.145)
- • Rapid expansion of electric vehicle market with government support(p.161)
- • Expansion potential in new states and tier 2/3 cities(p.185)
- • Rural market growth driven by rising finance penetration(p.185)
- • Expansion into electric vehicle dealerships across multiple segments(p.225)
- • Geographic expansion into new markets like Maharashtra(p.225)
- • Leverage Automotive Mission Plan 2016-2026 for industry growth(p.223)
- • Capitalize on BS-VI emission standards compliance trend(p.223)
- • Expansion into electric vehicle segment(p.345)
- • Geographic expansion across new states(p.351)
- • Growth in service revenue as margin driver(p.345)
- • Market consolidation through strategic acquisitions(p.351)
- • Penetration in growing semi-urban and rural markets(p.351)
- • Expansion of service centre network and service operations(p.365)
- • Growth in pre-owned vehicle business through expanded distribution(p.365)
- • Increase in spare parts and accessories revenue through subsidiary operations(p.365)
- • Growing OEM schemes and incentives revenue from enhanced performance(p.365)
- • Expansion of finance and insurance commission revenues(p.365)
Threats
- • Automotive industry sensitive to economic downturns affecting vehicle demand(p.24)
- • Risk of OEM non-renewal, termination or adverse modification of dealership agreements(p.24)
- • Increasing competition in automotive dealership reducing profit margins(p.24)
- • Natural calamities and adverse developments in concentrated geographic regions(p.35)
- • Rise of electric vehicles and shift in consumer preferences away from traditional ICE vehicles(p.32)
- • Restrictive covenants in debt agreements limiting operational flexibility(p.41)
- • Regulatory and regulatory approval requirements for dealership operations(p.41)
- • Adverse impact on OEM financial condition could materially affect dealership operations(p.37)
- • OEM price capping and margin pressure on service operations(p.44)
- • Regulatory compliance risks and changing government regulations(p.44)
- • Impact of stringent emission and fuel economy standards(p.44)
- • Seasonal fluctuations in vehicle sales(p.50)
- • Natural disasters and adverse weather impacts on operations(p.50)
- • Labour unrest and unionization risks(p.50)
- • Macroeconomic downturn impacting automobile demand(p.56)
- • Inventory management risks including theft and obsolescence(p.46)
- • Elevated auto finance rates impacting affordability(p.141)
- • Monsoon dependency and agricultural risk(p.139)
- • Global economic slowdown headwinds(p.139)
- • RBI rate hikes slowing GDP growth(p.139)
- • High dependence on two OEMs creates vulnerability to their policy changes(p.27)
- • OEM restrictions on expansion to new territories require prior consent(p.190)
- • Intense competition from large dealership groups and emerging players(p.145)
- • Market cyclicality and volatility in automobile sector(p.182)
- • Customer shift towards premium and UV vehicles away from small cars(p.145)
- • Regulatory changes affecting vehicle emissions, axle load, and safety norms(p.161)
- • Intense competition from multiple dealership groups and online platforms(p.215)
- • Regulatory restrictions on OEM dealership acquisition and expansion(p.215)
- • Regulatory compliance burden and potential environmental violations(p.221)
- • Risk of property lease termination and higher occupancy costs(p.218)
- • Potential adverse impact from uncontrolled operations of brand licensors(p.214)
- • Inadequate insurance coverage may not protect against all losses(p.216)
- • Dependence on OEM pricing and dealership agreements subject to termination(p.351)
- • Significant exposure to lease agreements with variable terms(p.352)
- • Lease liabilities represent substantial future obligation(p.313)
- • Competition from multiple vehicle dealerships and online platforms(p.352)
- • Cyclicality of automotive industry and economic sensitivity(p.349)
- • Dependence on few major OEM agreements subject to restricted termination notice(p.344)
- • Seasonal variations in vehicle sales impacting quarterly revenues(p.372)
- • Competitive environment in automotive retail and services(p.372)
- • Rising interest rates increasing borrowing costs(p.365)
- • Environmental and pollution control compliance obligations(p.381)
- • Multiple pending regulatory and tax matters creating operational risks(p.391)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| John K. Paul | Promoter | 23.15% | — |
| Francis K. Paul | Promoter | 23.15% | — |
| Naveen Philip | Promoter | 23.15% | — |
| BanyanTree Growth Capital II, LLC | Selling Shareholder | 30.36% | — |
| BanyanTree | Selling Shareholder | — | — |
| John K. Paul | Promoter | 23.15% | [●] |
| Francis K. Paul | Promoter | 23.15% | [●] |
| Naveen Philip | Promoter | 23.15% | [●] |
| John K. Paul | Promoter | — | — |
| Francis K. Paul | Promoter | — | — |
| Naveen Philip | Promoter | — | — |
| John K. Paul | Promoter | 23.15% | — |
| Francis K. Paul | Promoter | 23.15% | — |
| Naveen Philip | Promoter | 23.15% | — |
| Francis K Paul | Promoter | 21.93% | — |
| John K Paul | Promoter | 21.93% | — |
| Naveen Philip | Promoter | 21.93% | — |
| BanyanTree Growth Capital II, LLC | Promoter Group | 34.01% | — |
| Francis K Paul | Promoter / Whole Time Director | — | — |
| John K Paul | Promoter / Whole Time Director | — | — |
| Naveen Philip | Promoter / Managing Director | — | — |
| BanyanTree Growth Capital II, LLC, Mauritius | Entity having significant influence over the Company | — | — |
| Francis K. Paul | Promoter | — | — |
| John K. Paul | Promoter | — | — |
| Naveen Philip | Promoter | — | — |
| BanyanTree | Selling Shareholder | — | — |
Leadership
Jacob Kurian · Chairman and Non-Executive Independent Director
Naveen Philip · Managing Director
John K. Paul · Whole-time Director
Francis K. Paul · Whole-time Director
John Verghese · Chief Financial Officer
Varun T.V. · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Popular Vehicles & Services IPO FAQs
What is the lot size of Popular Vehicles & Services IPO?
The minimum lot size of Popular Vehicles & Services IPO is 50 shares. One lot costs ₹14,750 at the cut-off price.
When does Popular Vehicles & Services IPO open and close?
Popular Vehicles & Services IPO opened for subscription on 12 Mar 2024 and closed on 14 Mar 2024.
What is the listing date of Popular Vehicles & Services IPO?
Popular Vehicles & Services IPO listed on 19 Mar 2024.