Landmark Cars IPO subscribed by 3 times on last day of subscription

The Initial Public Offer (IPO) of automobile dealership chain Landmark Cars got subscribed 3.06 times on the last day of subscription on Thursday, helped by huge interest from institutional buyers.

The IPO received bids for 2,46,45,186 shares against 80,41,805 shares on offer, according to NSE data.

The category meant for Qualified Institutional Buyers (QIBs) was subscribed 8.71 times, non-institutional investors received 1.32 times subscription and Retail Individual Investors (RIIs) 59 per cent.

The IPO of Landmark Cars got subscribed 39 per cent on the second day of offer on Wednesday.

It had 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 company's public offer had 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 were the managers to the offer.