Landmark Cars Limited a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault has received bids of 31,33,102 shares against the offered 80,41,805 equity shares, at a price band of ₹481-506, according to the data available on the stock exchanges.
Overall the issue was subscribed 0.39 times on the second day of bidding. It was subscribed 0.17 times on the opening day.
Employee portion was subscribed 2.18 times. Non-Institutional Portion was subscribed 0.84 times followed by Retail segment that saw a response of 0.36 times. The reserved portion for qualified institutional buyer portion saw a subscription of 0.09 times. The issue kicked off for subscription on Tuesday, December 13, and will close on Thursday, December 15, 2022.
A day prior to the Issue opening, Landmark Cars Ltd raised Rs 165 crore from anchor investors from FIIs and FPIs i.e Goldman Sachs, Pinebridge Global Funds, BNP Paribas, Morgan Stanley Asia (Singapore) Pte, and Elara India Opportunities Fund and domestic institutions i.e HDFC Mutual Fund, Nippon Life Mutual Fund, Aditya Birla Sun Life Mutual Fund, Edelweiss Mutual Fund, Maven India Fund, Bengal Finance and Investment, Resonance Opportunities Fund and Quantum State Investment Fund.
Broking houses like Anand Rathi, Arihant Capital, Choice Equity, Marwadi Shares, Reliance Securities, and Ventura Securities have given a "Subscribe" rating to the issue.
The said brokerages have collectively stated that Landmark Cars is well placed in its target markets with little threat from bigger players. Considering its strategies to gain from entire customer value chain, entering the EV segment and plans for growing presence in after sales segment, the company is well poised to grow its market share in the years to come. There are no listed companies in India that engage in a business similar to that of Landmark Cars Limited. It is likely to report healthy numbers over the next couple of years led by strong growth in premium car segment. In view of healthy financials, strong presence, leadership position, premium automotive retail business and valuation comfort.
Axis Capital Limited and ICICI Securities Limited are the Book Running Lead Managers and Link Intime India Private Limited is the registrar to the Issue.