Landmark Cars IPO subscribed 3.06 times

The offer received bids for 2.46 crore shares as against 80.41 lakh shares on offer.

The initial public offer (IPO) of Landmark Cars received bids for 2,46,45,186 shares as against 80,41,805 crore shares on offer, according to stock exchange data at 17:33 IST on Thursday (15 December 2022). The issue was subscribed 3.06 times.

The issue opened for bidding on Tuesday (13 December 2022) and it will close on Thursday (15 December 2022). The price band of the IPO is fixed at Rs 481-506 per share. An investor can bid for a minimum of 29 equity shares and in multiples thereof.

The IPO comprises fresh issue of equity shares worth up to Rs 150 crore and an offer for sale of Rs 402 crore by existing shareholders.

Promoters and promoter group held an aggregate of 22,062,378 equity shares, aggregating to 60.24% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding for the same is expected to be around 55.73%.

The objectives for the fresh issue are pre-payment of Rs 120 crore borrowings availed by subsidiaries and remaining amount to be used for general corporate purposes.

Ahead of the IPO, Landmark Cars on Monday, 12 December 2022, raised Rs 165.29 crore from anchor investors. The board allotted 32,66,797 shares at Rs 506 per share to 14 anchor investors.

Landmark Cars is a premium automotive retail business in India, with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. The company has a commercial vehicle dealership with Ashok Leyland in India.

On a consolidated basis, the company reported net profit of Rs 17.81 crore and sales of Rs 800.27 crore in the three months ended June 2022.

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