The public issue of premium automobile retailer Landmark Cars continued to see muted response from investors on December 14, the second day of bidding. Investors have bought 28.50 lakh shares against an offer size of 80.41 lakh shares, helping the issue subscribe 35 percent.
Employees, who have reservation of Rs 1 crore worth of shares in the IPO, bought 1.94 times the allotted quota. They will get shares at a discount of Rs 48 to the final offer price.
Retail investors have bid for 32 percent shares of the reserved portion.
The portion set aside for high net worth individuals has been subscribed 76 percent, and that of qualified institutional buyers 9 percent.
Landmark Cars, which has dealerships for premium and luxury car brands such as Mercedes-Benz, Honda, Jeep, Volkswagen and Renault in India, intends to mobilise Rs 552 crore from the public issue that comprises a fresh issuance of shares worth Rs 150 crore and an offer-for-sale of Rs 402 crore shares by selling shareholders including TPG Growth who is selling the maximum among them.
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The company, which also caters to the commercial vehicle retail business of Ashok Leyland in India, is going to utilise for repaying debts and general corporate purposes.
The price band for the offer, which closes on December 15, is Rs 481-506 per share.
The IPO share allotment finalisation will take place by December 20, while the refunds will be given to unsuccessful investors by December 21, and shares will be credited to demat accounts of successful investors by December 22.
Equity shares will be listed on the BSE and NSE on December 23.
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