The initial public offering (IPO) of premium automobile retailer Landmark Cars saw a tepid response from investors on the final day on December 15.
The issue has garnered bids for 2.46 crore shares against the IPO size of 80.41 lakh shares, a subscription of 3.06 times.
Retail investors have bought 59 percent shares of the allotted quota while employees bid 2.93 times the portion set aside for them.
The company has reserved Rs 1 crore worth of shares for its employees, who will get those shares at a discount of Rs 48 per share to the final offer price.
The price band for the offer, which opened on December 13, is Rs 481-506 per share.
A part set aside for high networth individuals was subscribed 1.32 times, and that of qualified institutional buyers (QIB) 8.71 times.
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Landmark Cars intends to raise Rs 552 crore via public issue, which comprises a fresh issue of Rs 150 crore, and an offer for sale of Rs 402 crore by selling shareholders including TPG Growth.
The company will utilise the majority of fresh issue proceeds for repaying debts besides general corporate purposes. It has a debt of around Rs 464 crore as of June 2022, increasing sharply from Rs 308 crore in March 2022.
The premium automotive retailer has dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault in India and a commercial vehicle dealership with Ashok Leyland in India. It has expanded its network from one dealership for Honda in 1998 to 112 outlets in 8 Indian states and Union territories as of June 2022.
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