• Issue Type: Fresh Issue (meaning the company is issuing new shares, existing shareholders are not selling theirs).

• Issue Size: Up to 3,000,000 equity shares.
• Face Value: ₹10 per share.
• Price Band: Fixed at ₹85 to ₹90 per share
• Listing: The shares will be listed on the NSE EMERGE platform, which is specifically for Small and Medium Enterprises (SMEs).
• Listing Date: 19th February 2025
• Dates:
  • Bid/Issue Opens on Wednesday, February 12, 2025.
  • Bid/Issue Closes on Friday, February 14, 2025. 

Every company going public must have a reason, and usually, it is for expansion. Voler Car is no exception. They are looking to raise funds for two major reasons:

Working Capital: This could be considered oiling the wheels that keep the company running on its day-to-day operations. Expansion to new cities require an ever-increasing amount of funds to run day-to-day operations, which include paying vendors, logistics management, and ensuring smooth services. 

Other Purposes: This broad spectrum could look at technology, marketing, and even acquiring companies for business growth. It allows any investment into domains that would profitably work with the company's final development.

Before making an investment, it's always crucial to consider a company's financial standing. Based on the RHP, below is a condensed analysis of Voler Car's most recent performance:

With the vehicle hire space in India booming, the employee transport industry is on the upside due to a convergence of several factors. The work landscape and the economy is changing beyond just transporting people from point A to B.  Let's look at it through a wider lens:-

• Boom in Urbanization: The urban population in India is expected to skyrocket in numbers. Urban sprawl means more and more businesses opening shops within cities and urban outskirts, creating a direct need for organized employee transportation. 
• The Organized Sector is on the Rise: With the formalization of the Indian economy, a greater number of companies are opting for structured, reliable, and safe means of employee transport rather than unorganized, ad-hoc methods being the norm in the past. Various industry reports speak of the organized employee transportation market growing in many states of India at an estimated CAGR (Compound Annual Growth Rate) of around 11-13%.
• IT/ITeS and GCC Growth: India is a global powerhouse in the IT and IT-enabled services sector. The emergence of Global Capability Centres (GCCs), which are in-house centres that fulfil strategic functions for multinational organisations, is providing further fuel. The predictions of NASSCOM for the massive growth of the Indian tech industry translate directly into a big number for a workforce that needs transport in a safe and efficient manner.
• Concern for Employee Well-being: Companies have begun making employee safety and employee convenience major issues. With peak traffic and challenges in public transport, providing transport services is one of the sought-after perks that are being added to employee benefit packages.
• Government Initiatives: Government initiatives like the "Smart Cities Mission" and investments in road infrastructure are indirectly benefiting the sector by improving overall connectivity.

• Experienced Management: The company is led by experienced promoters with a good track record in the industry.

• Established Brand: Voler Car has built a strong brand reputation over the years, especially in the regions where it operates.
• Asset-Light Model: Not owning a large fleet of vehicles gives them flexibility and reduces capital expenditure.
• Focus on Technology: GPS tracking and other technologies help optimize operations and improve service quality.
• Long-Standing Customer Relationships: The company has a long track record of establishing and maintaining very good relationships with its clients, which lends to revenue visibility and solidity.
• Scalable Business Model: Voler Car Limited, as a service-oriented firm, can achieve significant growth in a variety of ways by laying a solid foundation.

• Revenue Concentration: A considerable portion of revenue is represented by a few key customers. The loss of one customer can create a major impact.
• A few Vendors: Vendors for vehicles and drivers are relied upon, which diminishes the control of fleet quality itself.
• Competition: There is stiff competition in the employee transportation sector. Organized and unorganized players put a lot of pressure on pricing and margins.
• Regulatory Changes: Regulatory changes by the government, like those pertaining to vehicle emissions and labour, could cause an increase in costs or disruption of operations.
• Defaults in the Past: The RHP says that Voler Car had defaulted on some loan repayments in the past. Though these have been settled, this issue is something to be considered.
• Litigation: There are some ongoing legal proceedings against the company. Therefore, it is paramount to analyze the risk tied to it.
• Dependence on Key Personnel: The success of Voler Car is greatly dependent on a few key people, much of that being the efforts and skills of the promoters.

A definite buy or sell recommendation cannot be given without knowledge of your own strengths, financial conditions, and levels of tolerance for risk.

• Conduct Your Own Investigation: Don't just rely on any single source of information. Instead, read the entire Red Herring Prospectus carefully. It has detailed information on the company, its financials, and the risks involved. 
• Key Observations: The Company’s income has been growing during the past years, and Voler Car has an expanding business. They've been profitable, and their margins have also improved. The company has a positive worth as of September 30, 2024.
• Understand the Business: Make sure you understand Voler Car's business model, its target market, and its competitive landscape.
• Evaluate Your Risk Appetite: IPOs can bring a lot of volatility especially the SME segment, so limit your involvement to what you can afford to lose.
• What Are Your Investment Objectives? Are you looking for a quick buck, or are you in it for the long haul? That will help you decide if this IPO will fit in with your investment strategy. 
• Talk to a Financial Consultant: If you're at all unsure, the best step is always to consult a qualified financial advisor. They could assist you in weighing the risks and rewards concerning your own circumstances.