FII sells over 2.50 lakh equity shares in Landmark Cars; stock rises 15% from IPO price

As per NSE data, institutional broker BofA Securities Europe SA sold 2,50,218 equity shares in Landmark Cars at a price of ₹576.04 per share aggregating to ₹14.41 crore.

However, Landmark Cars closed at ₹554 apiece up by ₹25.55 or 4.83% on NSE. Earlier in the trading session, the stock touched a new 52-week high of ₹581.70 apiece. Overall, during the day, the stock skyrocketed over 10% on NSE.

While BofA Securities Europe SA offloaded a portion stake in Landmark Cars, there was another investor Girik Wealth Advisors Private Ltd PMS purchased 4,36,875 equity shares in the company at a price of ₹563.74 apiece aggregating to ₹24.63 crore.

Landmark Cars listed on December 23 at a discount of 7% at ₹471 apiece on NSE compared to its IPO price. The stock had touched a 52-week low of ₹431.15 apiece on December 26, 2022.

The company launched its IPO from December 13 to December 15 and was fully subscribed by 3.06 times on the last day. The IPO received strong demand from qualified institutional buyers and non-institutional investors as the portion for these two categories oversubscribed by 8.71 times and 1.32 times respectively. The price band of the IPO was ₹481 per share and ₹506 per share.

Compared to the issue price of ₹506 of the IPO which is also the upper price band, Landmark Cars has gained by 14.96% as of now on NSE. Compared to its listing price, the upside is 23.50%, while in comparison to its 1-year low, the surge is a whopping 34.92% in Landmark Cars stock (taking into consideration the new 52-week high). The double-digit gains in Landmark stock come in around 2 weeks of the trading session.

Landmark Cars are among the leading 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.

The company has a presence across the automotive retail value chain, including sales of new vehicles, after-sales service, and repairs (including sales of spare parts, lubricants, and accessories), sales of pre-owned passenger vehicles, and facilitation of the sales of third-party financial and insurance products.