Landmark Cars' initial public offering subscribed 39% on Day 2 of offer

The Initial Public Offer (IPO) of automobile dealership chain Landmark Cars got subscribed 39 per cent on the day two of offer on Wednesday.

The IPO received bids for 31,33,102 shares against 80,41,805 shares on offer, as per data available with the NSE.

The category meant for non-institutional investors received 84 per cent subscription, while Retail Individual Investors (RIIs) portion was subscribed 36 per cent and Qualified Institutional Buyers (QIBs) 9 per cent.

The 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.

Its price range is at 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.