Landmark Cars IPO receives 17% subscription on first day of offer

The initial public offer of automobile dealership chain Landmark Cars received 17 per cent subscription on the first day of offer on Tuesday.

The IPO received bids for 14,04,383 shares against 80,41,805 shares on offer, as per data available with the NSE.

The category meant for non-institutional investors received 39 per cent subscription, while Retail Individual Investors (RIIs) got subscribed 17 per cent.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 150 crore and an offer for sale of up to Rs 402 crore aggregating up to Rs 552 crore.

The IPO has a price range of Rs 481-506 a share.

Proceeds from fresh issuance will be utilised for payment of debt and general corporate purposes.

TPG-backed Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.

Shares of the firm will be listed on the BSE and NSE.

Axis Capital and ICICI Securities are the managers to the offer.