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    7267   JP3854600008

HONDA MOTOR CO., LTD.

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India's biggest car dealer Popular plans $100 million listing - source

12/01/2021 | 04:50am EST
FILE PHOTO: Vehicles queue at a traffic light on a hazy morning in New Delhi

NEW DELHI (Reuters) - 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 selling its entire 34% stake.

Popular is set to be the first Indian auto dealership in a highly fragmented market to list. It is one of the biggest dealers for Maruti Suzuki, which sells one in every two cars in India. Popular also sells Tata Motors' luxury brand Jaguar Land Rover, Tata trucks and Honda Motor cars.

The pandemic has resulted in two years of declines that pushed car demand in the world's fifth-largest auto market to a six-year low. But Philip said Popular expects to benefit from a shift to more car ownership and away from shared transport.

As schools and offices re-open, demand for additional vehicles is growing, while at the same time uncertainty about another wave of infections and job insecurity is pushing people to hold on to older cars for longer.

"This trend will be there for the next 2-3 years until COVID completely moves out of people's mindset," he said, adding that longer ownership cycles will boost the company's high-margin service and repair business.

Philip declined to comment on IPO's size. The source with direct knowledge of the matter was not authorised to speak on the matter and declined to be identified.

India's Droom Technology, an platform for buying and selling new and used vehicles, is also planning a $400 million public listing, while used-car platform Cars24 raised $450 million in September in a deal that nearly doubled its valuation.

(Reporting by Aditi Shah; Editing by Edwina Gibbs)

By Aditi Shah


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HONDA MOTOR CO., LTD. -0.12% 3420 Delayed Quote.6.01%
MARUTI SUZUKI INDIA LTD 0.26% 8036.35 Delayed Quote.7.93%
TATA MOTORS LIMITED -0.97% 515.7 End-of-day quote.6.91%
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Analyst Recommendations on HONDA MOTOR CO., LTD.
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Financials
Sales 2022 14 682 B 129 B 129 B
Net income 2022 631 B 5 537 M 5 537 M
Net Debt 2022 5 120 B 44 915 M 44 915 M
P/E ratio 2022 9,55x
Yield 2022 3,30%
Capitalization 5 844 B 51 153 M 51 264 M
EV / Sales 2022 0,75x
EV / Sales 2023 0,67x
Nbr of Employees 211 374
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Technical analysis trends HONDA MOTOR CO., LTD.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 3 420,00 JPY
Average target price 4 066,11 JPY
Spread / Average Target 18,9%
EPS Revisions
Managers and Directors
Toshihiro Mibe President, Chief Executive Officer & Director
Kohei Takeuchi CFO, Director & Compliance Officer
Toshiaki Mikoshiba Chairman
Seiji Kuraishi Chief Operating Officer, Director & Executive VP
Kunihiko Sakai Independent Outside Director
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