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Landmark Cars IPO To Open On December 13; Price Band Fixed At Rs 481-506

By issuing 10,909,091 shares, Landmark Cars aims to raise Rs 552 crore

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The initial public offering (IPO) of Landmark Cars Ltd will open for public subscription on Tuesday, December 13, 2022. The company, which is engaged in the dealership of four wheelers, has fixed a price band of Rs 482-506 apiece. The issue will conclude on Thursday, December 15, 2022. 

By issuing 10,909,091 shares, Landmark Cars aims to raise Rs 552 crore. 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.

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.

According to a company statement, 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. 

Landmark Cars, which started its operations by opening first dealership for Honda in 1998, has expanded network to include 112 outlets in eight Indian states. The company has 61 sales outlets and 51 after-sales service and spares outlets, as of September 30, 2021. Landmark Cars, otherwise known as Group Landmark, presently runs dealerships for brands like Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.