Landmark Cars IPO to launch next week: Date, price band announced. Check GMP
1 min read . Updated: 08 Dec 2022, 02:59 PM IST
Premium- Landmark Cars IPO: The bidding for anchor investors will open on Monday, December 12
The three-day initial public offering (IPO) of Landmark Cars will open for public subscription next week on Tuesday, December 13, 2022 and the issue will conclude on Thursday, December 15, 2022. The company has fixed a price band of ₹481-506 apiece and the bidding for anchor investors will open next on Monday, December 12. As per market observers, Landmark Cars shares are commanding a premium (GMP) of ₹55 in the grey market today.
Landmark Cars IPO consists of fresh issue of equity shares aggregating up to ₹150 crore and and offer for sale (OFS) of equity shares of up to ₹402 crore from promoters, with the total issue size of up to ₹552 crore.
Landmark Cars business caters to the entire customer value-chain including retailing new vehicles, servicing and repairing vehicles, selling spare parts, lubricants and other products, selling pre-owned passenger vehicles and the distribution of third party financial and insurance products.
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.
The company's services and repair offerings at each of the dealerships comprise repair and collision repair services and include warranty work, insurance claim work and customer paid services. After-sales service and spares business provides a stable revenue stream and contributes to higher-margin revenues at each of the dealerships, the company said in its draft red herring prospectus (DRHP).
Landmark Cars is a leading premium automotive retail business in India with dealerships for brands like Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.
Axis Capital and ICICI Securities are the book running lead managers to the issue, whereas Link Intime India has been appointed as the registrar for the initial share sale. The company's shares are expected to list on stock exchanges on December 23, 2022.
