Transportation service provider, Voler Cars Limited is set to make its market debut with an initial public offering (IPO), valued at ₹27 crores, an entirely fresh issue of 30,00,000 lakh shares. The subscription window opens on February 12, 2025, and draws to a close on February 14, 2025. Investors can track this company’s market journey as it prepares for its listing on the NSE SME platform, scheduled for Wednesday, February 12, 2025.
Voler Cars Limited presents a public offering, with equity shares of ₹10 face value being offered within a price band of ₹85 to ₹90 per share and a lot size of 1,600 shares. Interested retail investors can participate with a minimum investment of ₹1,36,000 to buy 1 lot, while High Net-worth Individuals (HNI) are invited to participate with a minimum subscription of ₹₹2,88,000 (2 lots). The company has planned a swift post-subscription timeline, with share allotment notifications slated for Feb 12, 2025, followed by its debut on the NSE SME platform on Feb 19, 2025. As this transportation service provider embarks on its public market journey, investors stand at the cusp of an emerging opportunity.
Voler Cars Limited IPO is a fundraise worth ₹27 crores comprising purely of a fresh issue with 30,00,000 shares reserved for the market maker Wiinance Financial Services Private Limited. Qualified Institutional Buyers are being offered not more than 50% of the net issue, retail investors are being offered not less than 35% of the net issue and Non-Institutional Investors (NIIs) / High Net-worth Individuals (HNIs) are being offered not less than 15% of the net issue. The IPO will be available for subscription from February 12, 2025, to February 14, 2025, providing an opportunity for investors looking to gain a stake in the transportation sector.
| Voler Cars IPO date | February 12, 2025 - February 14, 2025 |
| Price band / Fixed price | ₹85 to ₹90 per share |
| Face value | ₹10 per share |
| Lot size | 1,600 shares |
| Issue type | Book Built Issue IPO |
| Fresh issue size | 30,00,000 shares shares amounting to ₹27 crores |
| Total issue size | 30,00,000 shares amounting to ₹27 crores |
| Listing at | NSE SME |
| Market maker portion | 2,12,800 shares - Wiinance Financial Services Pvt Ltd |
| Shareholding post-issue | 1,11,43,527 shares |
| Shareholding pre-issue | 81,43,527 shares |
The Voler Cars Limited IPO opens for subscription on MONTH DATE, 2025, and closes on MONTH DATE, 2025, with allotment scheduled for MONTH DATE, 2025.
| IPO open date | February 12, 2025 (Wed) |
| IPO close date | February 14, 2025 (Fri) |
| Basis of allotment | Feb 17, 2025 (Mon) |
| Initiation of refunds | Feb 18, 2025 (Tue) |
| Credit of shares to Demat account | Feb 18, 2025 (Tues) |
| Listing date on NSE SME | Feb 19, 2025 (Wed) |
| Cut-off time for UPI mandate confirmation | 5 PM on February 14, 2025 (Fri) |
Incorporated in 2010, Voler Cars Limited specializes in reliable and efficient employee transportation services (ETS) for large MNCs and corporate clients. With a fleet of over 2,500 vehicles, including cars, SUVs, electric vehicles, buses, and tempo travellers, the company provides comprehensive home-to-office transport solutions. Operating 24/7 with dedicated teams and GPS-integrated technology, Voler Cars ensures seamless trip management, real-time tracking, incident response, and adherence to client SLAs. In FY 2023-24, the company completed approximately 3,23,550 trips, averaging over 884 daily rides.
Voler Cars operates across Kolkata, Mumbai, Pune, Bhubaneswar, Delhi-NCR, and Ahmedabad, utilizing vendor-sourced and leased vehicles to maintain punctual pick-ups and drop-offs. Its technology-driven approach streamlines corporate travel management, from reservations to service monitoring. With a workforce of 774 employees as of December 31, 2024, the company continues to enhance its service capabilities, ensuring efficient and dependable employee transportation for its corporate clientele.
The Company intends to utilize the Net Proceeds from the Issue for funding its working capital requirements, covering IPO issue expenses, and meeting general corporate purposes.
The Voler Cars Limited IPO has caught the eyes of investors as the company reportedly saw an annual rise of 31.45% in its revenue and 3.56% yearly increase in the Profit After Tax (PAT), during the financial year ended March 31, 2024.
As of Sep 30, 2024, the key performance indicators reflect the company's financial health with a Return on Equity of 249.01%%, Return on Capital Employed (ROCE) at 123.06% and a Debt-to-Equity ratio of 0.37. The Return on Net-Worth (RoNW) stands at 110.91%%, and the PAT Margin was 11.53%. The Price to Book Value was 22.17. The company’s market capitalisation is ₹100.29 crore.
| Period Ended | Sep 30, 2024 | March 31, 2024 | March 31, 2023 | March 31, 2022 |
| Revenue | 21.58 | 31.45 | 26.63 | 24.83 |
| Assets | 18.33 | 10.99 | 11.9 | 12.13 |
| Net Worth | 10.93 | 3.21 | -0.35 | -2.34 |
| Profit After Tax | 2.49 | 3.56 | 1.99 | 0.79 |
| Reserves & Surplus | 2.78 | 3.06 | -0.5 | -2.49 |
| Total Borrowing | 0.39 | 1.19 | 3.8 | 5.55 |
Amount in ₹ crores / lakhs
The pre-IPO EPS is at ₹4.38 while the post-IPO EPS will be ₹4.46. Similarly, the pre-IPO Price to Earnings ratio is 20.57 and will become 20.17 post-IPO.
Voler Cars Limited operates a large and diverse fleet of over 2,500 vehicles, including small cars, sedans, SUVs, electric vehicles, buses, and tempo travelers, ensuring comprehensive corporate transportation solutions. The company specializes in employee transport services for IT and corporate sectors, offering end-to-end solutions with strict adherence to service level agreements (SLAs) for timely pick-ups and drop-offs. With a consistent rise in revenue and profit after tax (PAT) over the years, the company’s financial performance has strengthened, growing from ₹23.72 crore in FY22 to ₹30.90 crore in FY24, while PAT increased from ₹0.79 crore to ₹3.56 crore in the same period.
The company operates across major cities like Kolkata, Mumbai, Pune, Bhubaneswar, Delhi-NCR, and Ahmedabad, expanding its market reach. Leveraging an asset-light model, Voler Cars ensures operational flexibility while maintaining service quality through vendor partnerships. Its 24/7 customer support enhances reliability, while long-standing client relationships reinforce business stability. Backed by experienced promoters and a skilled management team, the company has built a scalable and well-established brand known for its operational excellence and quality service assurance.
Voler Cars' heavy reliance on corporate clients exposes it to revenue fluctuations, and any regulatory changes could increase costs and impact compliance. Its asset-light model, while flexible, may limit direct control over service quality, as operations depend on vendors supplying vehicles and chauffeurs. Additionally, disruptions in GPS technology could affect tracking efficiency, potentially impacting service reliability. The highly competitive nature of the industry also pressures pricing and margins, making it challenging to sustain profitability.
A significant portion of the company’s revenue comes from its top ten customers, with over 99% of its earnings dependent on them. Losing any major client or a decline in demand could severely affect revenue and profitability. Geographically, the company is heavily concentrated in Kolkata and Mumbai, with Kolkata contributing the most to its earnings. Any adverse developments in these cities could impact financial performance. Additioncally, the company has outstanding dues of ₹0.39 crore as of September 30, 2024, and any difficulty in servicing these liabilities could weaken its financial position. Moreover, ongoing legal proceedings involving the company, its directors, and promoters pose potential risks that could affect future business prospects.
Investing early in Voler Cars Limited’s IPO offers an opportunity to be part of its growth in the transportation sector. However, potential investors should evaluate key factors such as the company’s operational performance, financial stability, industry trends, and long-term strategy. It is essential to align the investment with personal financial goals and risk tolerance. Reviewing the offer document and seeking professional guidance can help in making a well-informed investment decision.
What is the Voler Cars Limited IPO?
The Voler Cars Limited IPO is an NSE SME offering consisting of fresh issue of 30lakh shares with a face value of ₹10, aiming to raise ₹27 crore. The price band has been set between ₹85 to ₹90 per share, with a minimum order quantity of 1,600 shares. This IPO will be open for subscription from February 12, 2025, to February 14, 2025. GYR Capital Advisors Private Limited is the book-running lead manager, Kfin Technologies Limited is the registrar while Wiinance Financial Services Private Limited.
When will the Voler Cars IPO open?
The Voler Cars Limited IPO will open for subscription on February 12, 2025, and will close on February 12, 2025.
When is the Voler Cars IPO listing date?
The tentative listing date for the Voler Cars Limited IPO is Wed, Feb 19, 2025.
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