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The premium automotive retailer Landmark Cars will launch its initial public offering on December 13. The subscription week will conclude on December 15 at a fixed price band of Rs. 481- 506 per share. Investors have to bid for a minimum of 29 shares and then in multiples of 29 shares. The share of Landmark Cars has bid for Rs 552 crore with worth Rs 150 crore of fresh issues and offer for sale shares of Rs 402 crore.
Let’s take a deep dive into it:
The selling shareholders of Landmark Cars are TPG Growth II SF, Aastha Ltd, and Garima Misra with promoter Sanjay Thakker. So far the company has reserved 35 percent of the issue size only for retail investors, 15 percent for high-net-worth individuals, and the rest 50 percent for qualified institutional buyers. As per the IPO prospectus, the proceeds from the fresh issue will be used as repayment and pre-payment from the earlier borrowings and other corporate purposes.
The automobile company deals in some big businesses like Mercedes-Benz, Honda, Jeep, Volkswagen, and Renault. Besides them, Landmark Cars cater to the commercial vehicle retail business of Ashok Leyland. The firm has expanded over the years and has a presence in the automotive retail value chain, including sales of new vehicles, after-sales service, and repairs, sales of pre-owned passenger vehicles, and facilitation of third-party finance and insurance products.
For the financial year ending March 31, 2022, Landmark Cars’ revenue stood at Rs 2989 crore, an uptick of 52 percent year-on-year. The net profit of the firm stands at Rs 66 crore — six times higher than the overall recorded in the financial year 2021.
For the June quarter of 2022, a revenue of Rs 802 crore with a profit of Rs 18 crore was recorded. The Book Running Lead Managers of the issues are Axis Capital and ICICI Securities. The advisor to Landmark Cars is Metta Capital Advisors LLP.
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