Landmark Cars slides on debut

Shares of Landmark Cars were currently trading at Rs 455.65 at 10:14 IST on the BSE, representing a discount of 9.95% as compared to the issue price of Rs 506.

The scrip was listed at a price of Rs 471.30, at a discount of 6.86% as compared to the issue price.

So far, the stock has hit a high of 473.25 and a low of 446.45. On the BSE, over 0.84 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Landmark Cars received bids for 2,46,45,911 shares as against 80,41,805 crore shares on offer. The issue was subscribed 3.06 times. The price band of the IPO is fixed at Rs 481 to 506 per share.

The issue opened for bidding on 13 December 2022 and it closed on 15 December 2022.

The IPO comprised 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.

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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