Landmark Cars shares to list on December 23: Here's what to expect

Shares of Landmark Cars will make their market debut on December 23, Friday. The grey market premium (GMP) of the IPO stood at Rs (minus)15 today, implying a negative listing for the company engaged in the automotive retail business.  The stock of the Landmark Cars IPO is likely to be listed at Rs 491, according to the current GMP. The price band of the IPO was Rs 481 to Rs 506. The IPO was held from December 13 to December 15.

The IPO consisted of a fresh issue of shares up to Rs 150 crore and an offer for sale of up to Rs 402 crore, aggregating up to Rs 552 crore. Proceeds from fresh issuance will be utilised for payment of debt and general corporate purposes.

The IPO of Landmark Cars was subscribed 3.06 times over the 80.41 lakh shares.  The IPO of Landmark Cars received bids of over 2.46 crore (2,46,45,911) shares against the total issue size of over 80.41 lakh (80,41,805) shares.

Also Read: Landmark IPO subscribed 43% on Day 3 so far; grey market trend turns weak

The portion allotted for the qualified institutional buyers (QIBs) was subscribed 8.71 times, while that for non-institutional investors was subscribed 1.32 times and that of retail individual investors (RIIs) was subscribed just 59 per cent or 0.59 times. Separately, the employees' portion was subscribed 2.93 times, data showed.

TPG-backed Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. Axis Capital and ICICI Securities are the book-running lead managers to the issue.

Also Read: Landmark Cars IPO subscribed 39% on Day 2; employee quota fully booked: GMP & other details