The initial public offer (IPO) of Popular Vehicles was subscribed 18% so far on Tuesday, the first day of the bidding process. The issue received bids for 25 lakh shares as against 1.44 crore shares on offer.
The SEBI has issued observation letters to Jyoti CNC Automation and Popular Vehicles & Services on December 15, while BLS E-Services received the said letter on December 12.