According to the draft Red Herring Prospectus (DRHP), fresh shares worth Rs 150 crore will be issued under the IPO of Landmark Cars.
Landmark Cars IPO: Automobile dealership chain Landmark Cars Limited is going to bring its IPO. The company has filed a draft paper with the market regulator SEBI for this. The company wants to raise Rs 762 crore through this IPO. According to the Draft Red Herring Prospectus (DRHP), fresh shares worth Rs 150 crore will be issued under this issue. At the same time, shares worth Rs 612 crore will be sold under the offer for sale (OFS).
Stock Tips: Share of this giant bank of the country can give huge profits, 36% rally is expected, know the target price
Issue related details
- The OFS includes sale of shares by TPG Growth II SF Pte Ltd up to Rs 400 crore and by Sanjay Karsandas Thakkar HUF up to Rs 62 crore.
- In addition, sale of shares up to Rs 120 crore by Aastha Limited and up to Rs 30 crore by Garima Mishra will be done under the offer for sale.
- Reservation in subscription has also been given to eligible employees in the IPO.
- Under the IPO, Rs 120 crore out of the proceeds from the sale of fresh shares will be used for debt repayment and general corporate purposes.
Rakesh Jhunjhunwala’s confidence in these two stocks of Tata Group increased, so reduced stake in this company, know the new strategy of Big Bull
Company related details
- TPG backed Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.
- Landmark Cars has a presence in the automotive retail value chain, which includes new vehicle sales, after sales service and repair, spare parts, lubricants and accessories, and passenger vehicles.
- In FY21, Landmark dealerships sold 1,133 vehicles for Mercedes and over 4,000 vehicles for Honda and Renault.
- Overall, the company has sold over 1.3 lakh cars across all brands.
- Also, the company has recently partnered with global EV giant BYD to sell its MP6 electric vehicle in Mumbai and Delhi-NCR.
- Landmark Cars has made a profit of Rs 11.15 crore in the financial year 2021. At the same time, the company has registered a total income of Rs 1,966.34 crore.
- It earned a profit of Rs 27.95 crore and revenue of Rs 1,419.79 crore in the six months ended September 2021.
- Axis Capital and ICICI Securities are the book running lead managers of the issue.
Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.
.