Popular is set to be the first Indian auto dealership in a highly fragmented market to list
Market news: Popular Vehicles & Services, India's biggest auto dealer, is planning a $100 million listing next year, a source with direct knowledge of the matter said.
Papers filed in August with India's markets regulator seeking approval for its listing show the dealer plans to raise $20 million by issuing new shares.
Those funds have been earmarked to acquire smaller cash-strapped dealers in India and expand Popular's repairs and services business, Naveen Philip, a shareholder and member of Popular's founding family, told Reuters.
The rest of the IPO will consist of Indian private equity fund BanyanTree Growth Capital cashing out by...read more