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Landmark Cars IPO to open on Dec 13; price band fixed at Rs 481 to Rs 506

Landmark Cars IPO to open on Dec 13; price band fixed at Rs 481 to Rs 506

Landmark Cars IPO: The firm, which is engaged in the dealership of four wheelers, plans to raise Rs 552 crore by issuing 10,909,091 shares

The IPO will close on December 15. The company is offering its shares in a price band of Rs 481 to Rs 506 per share The IPO will close on December 15. The company is offering its shares in a price band of Rs 481 to Rs 506 per share

The initial public offer (IPO) of Landmark Cars Limited will open next week on December 13. The firm, which is engaged in the dealership of four wheelers, plans to raise Rs 552 crore by issuing 10,909,091 shares. The fresh issue will comprise 2,964,427 shares worth 150 crore  and 7,944,664 shares worth Rs 402 crore will be sold under the offer for sale (OFS) route.

The IPO will close on December 15. The company is offering its shares in a price band of Rs 481 to Rs 506 per share. The lot size of Landmark Cars IPO is 29 shares for which one will have to spend Rs 14,674. A retail individual investor can submit bids for up to 13 lots or 377 shares by spending Rs 1,90,762.

Axis Capital Limited, ICICI Securities Limited are the lead managers of the IPO. Link Intime is the registrar to the IPO. The allotment of shares will be done on December 20 and they are likely to be listed on BSE and NSE on December 23.

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The company proposes to utilise the net proceeds from the fresh Issue towards funding the following objects:

1. Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company and Subsidiaries.

2. General corporate purposes.

The company has allocated shares worth Rs 1 crore for eligible employees, who will get a discount of Rs 48 per share during the bidding process. A portion of not more than 50  per cent of the net offer has been reserved for qualified institutional buyers and retail investor will get to bid for a minimum 35% of the net offer.

Sanjay Karsandas Thakker is the promoter of the company. Before the IPO, the promoter stake stands at 60.24% which will change to 44.61% after the share sale.

Landmark Cars, which was incorporated in 1998, is the leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. The company also caters to the commercial vehicle retail business of Ashok Leyland in India.

Published on: Dec 08, 2022, 4:09 PM IST
Posted by: Priya Raghuvanshi, Dec 08, 2022, 4:06 PM IST