Landmark Cars IPO: GMP as all eyes on shares listing after allotment

As per market observers, Landmark Cars shares have fallen from premium (GMP) and currently available at a discount of ₹10 in the grey market today. As the finalisation of the basis of share allotment on Landmark Cars IPO is done, all eyes are now on listing which is expected to take place this week on Friday, December 23, 2022.

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%.

Landmark Cars IPO consisted of a fresh issue of equity shares aggregating to ₹150 crore and an Offer-For-Sale (OFS) of up to ₹402 crore. Those selling shares through the OFS route were TPG Growth II SF PTE Ltd, Sanjay Karsandas Thakker HUF, Aastha Limited and Garima Misra. Proceeds from its fresh issuance worth ₹120 crore will be utilised for payment of debt and general corporate purposes.

Landmark Cars, otherwise known as Group Landmark has a presence across the automotive retail value chain, which includes sales of new vehicles, after-sales service and repairs, including sales of spare parts, lubricants and accessories, and sales of pre-owned passenger vehicles.

TPG-backed Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. 

The company started its operations and opened first dealership for Honda in 1998, and has expanded network to include 112 outlets in eight Indian states, comprising 61 sales outlets and 51 after-sales service and spares outlets, as of September 30, 2021.