Popular Vehicles’ IPO set to propel Kochi’s Kuttukaran household into billionaires’ membership

Express News Service

KOCHI: Kochi-based Kuttukaran household is ready to enter the billionaire membership after Popular Vehicles and Services Ltd., the car-dealer-cum-services agency based by the household, hits the market with a Rs 1,500 crore preliminary public providing (IPO) quickly.

As per the again of the envelope calculation by The New Indian Express, the Kuttukaran household can be value round Rs 3,000 crore based mostly on the anticipated value of the Popular Vehicles’ shares throughout IPO.

As per the filings by Popular Vehicles and Services, the three promoters John Okay Paul, Francis Okay Paul and Naveen Philip personal 2.7511 crore shares every constituting a complete of 8.253 crore shares or 65.79% stake within the automobile seller agency. John and Francis are sons of Popular Vehicles founder Okay P Paul whereas Naveen is their nephew. Going by the variety of shares on provide (42.67 lakh shares) within the IPO, it’s estimated that the share sale is anticipated to be priced round Rs 351.66/share. This means, on the IPO value, the Kuttukaran household can be value Rs 2,903 crore.

This places the Kuttukaran household above C J George household’s 62.11% stake value Rs 432 crore in Geojit Financial Services, and the Sabu Jacob household’s 55.57% stake valued at Rs 579.66 crore in Kitex Garments. However, the Kuttukaran household’s inventory market riches can be decrease than different billionaires from Kerala such because the Muthoot household of Muthoot Finance, Kalyanaraman household of Kalyan JeweLlers, the Azad Moopen household of Aster Hospitals, the Chittilappilly household, which based the V-Guard Industries and Wonderla Holidays.

As per Friday’s closing value, the Muthoot household owns shares value Rs 45,956 crore within the gold mortgage firm Muthoot Finance, the place it holds a 73.37% stake. The Muthoot household is the richest when it comes to inventory market valuation amongst entrepreneurs in Kerala. They are adopted by the Kochouseph Chittilappilly household — it owns Rs 5,956 crore value shares in V-Guard (56.05% stake), and one other Rs 932.8 crore value stake in Wonderla Holdings (69.76% stake).

Manappuram Finance’s V P Nandakumar household is the third richest Kerala household at Rs 5933 crore for its 35.05% stake within the Thrissur-based gold mortgage firm whereas T S Kalyanaraman and his household personal Rs 4,730 crore for its 60.54% stake in Kalyan Jewellers. The different billionaire entrepreneur from Kerala is Azad Moopen. His household’s 37.41% stake in Aster DM Healthcare is value Rs 3624 crore, as per Friday’s closing value.