Landmark Cars’ IPO to kick off on Dec 13, price band fixed at Rs 481-506


New Delhi: The initial public offering of Landmark Cars will kick-off for subscription next week on Tuesday, December 13 and the company will sell its shares in the range of Rs 481-506 apiece.

Incorporated in 1998, Landmark Cars is the leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault caters the commercial vehicle retail business of

.

On the block, the company is likely to raise Rs 552 crore via its primary stake sale including a fresh issue of Rs 150 crore, whereas existing promoters and shareholders will offload shares aggregating to Rs 402 crore.

The company has reserved shares worth Rs 1 crore of the eligible employees of the company, who will get a discount of Rs 48 per share during the bidding process.

Investors can make a bid of a minimum of 29 equity shares and its multiple thereof. The issue is open for subscription till Thursday, December 15. Anchor book will be open on Monday, December 12.

The company had a notional revenue of Rs 3,400 crore in FY22, growing 73% year-on-year, and a profit of Rs 66 crore, according to the company’s annual report for FY22. New vehicle sales accounted for 80% of its total revenue.

However, their contribution to operating profit was much lower. In FY22, after-sales accounted for more than half of the total operating profit of Rs 187 crore, while the remaining came from sale of new cars.

Landmark Cars account for about 16% of the Mercedes cars sold in India. In FY22, Landmark Cars sold 2,000 Mercedes vehicles, which accounted for nearly a third of the auto retailer’s new vehicle revenue.

Qualified institutional buyers (QIBs) will get 50% of the net offer, whereas 15% of the issue is reserved for the non-institutional investors. Remaining 35% portion will be allocated to retail bidders.

and are the book running lead managers to the issue, whereas Link Intime India has been appointed as the registrar for the same.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)



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