On Day 3, the retail portion of Landmark Cars' IPO received 3.04 times as many subscriptions
Landmark Cars IPO | Because this is a new issue and an offer for sale, the IPO needs to receive at least 90% subscription in addition to 100% subscription in the QIB category in order to be approved.
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On the last day, December 15, investors' response to Landmark Cars' initial public offering (IPO) of high-end automobiles was muted.
In comparison to the IPO size of 80.41 lakh shares, the offer received bids for 2.44 crore shares, a 3.04 times subscription.
Employee bids totaled 2.64 times the amount reserved for them, while retail investors purchased 54% of the shares of the allocated quota.
Employees would receive shares valued at Rs 1 crore from the corporation at a discount of Rs 48 per share from the final offer price.
The offer's price range, which began on December 13, is between Rs 481 and 506 per share.
High net worth individuals' portion was taken up 1.3 times, and qualified institutional purchasers' portion was taken up 8.71 times.
With a fresh issue of Rs 150 crore and an offer for sale by selling shareholders like TPG Growth, Landmark Cars hopes to collect Rs 552 crore through a public offering.
The majority of the proceeds from the new issue will be used by the company for debt repayment in addition to general corporate purposes. As of June 2022, it owes approximately Rs 464 crore, a substantial increase from Rs 308 crore in March 2022. The upscale car retailer has Ashok Leyland commercial vehicle dealerships as well as dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen, and Renault in India. By June 2022, it had grown from one Honda dealership in 1998 to 112 locations throughout 8 Indian states and Union territories.
