up Landmark cars has a premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen, and Renault. It also caters to the commercial vehicle retail business of Ashok Leyland.
Premium automotive retailer Landmark Cars is set to float its initial public offering (IPO) on December 13. The price band for the offer, which will close on December 15, is set at Rs 481-506 apiece. Investors can bid for a minimum of 29 shares and in multiples of 29 shares thereafter. The Rs 552-crore float comprises fresh issues worth Rs 150 crore and an offer-for-sale of Rs 402 crore. The selling shareholders are TPG Growth II SF, Aastha Ltd, Garima Misra, and promoter Sanjay Thakker.
Note:- Offer for Sale (OFS) is when the promoters i.e. owners of a listed company sell their shares to the general public.
The company has reserved 35 percent of the issue size for retail investors, 15 percent for high-net-worth individuals (non-institutional investors), and the remaining 50 percent for qualified institutional buyers.
The proceeds from the fresh issue will be used for repayment/pre-payment of certain borrowings and other general corporate purposes, per the IPO prospectus. Group Landmark has a premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen, and Renault. It also caters to the commercial vehicle retail business of Ashok Leyland.
It has a presence across the automotive retail value chain, including sales of new vehicles, after-sales service, and repairs (including sales of spare parts, lubricants, and accessories), sales of pre-owned passenger vehicles, and facilitation of third-party finance and insurance products. For the year ended 31 March 2022, the company’s total revenue stood at Rs 2989 crore, up 52 percent year-on-year. Net profit came in at Rs 66 crore, which is 6x of Rs 11 crore recorded in FY21. For the quarter that ended June 2022, revenue was Rs 802 crore with a profit of Rs 18 crore.
Axis Capital and ICICI Securities are the Book Running Lead Managers to the issue. Metta Capital Advisors LLP is an advisor to the company.
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