The retailer of the premium cars debuted at a discount of 7% at Rs 471 as against the given issue price on the National Stock Exchange (NSE).
Ahead of listing, shares of Landmark Cars were exchanging hands at a discount of 15-20 in the grey market against the issue price.
The company’s Rs 552-crore IPO was sold in the range of Rs 481-506 per share, and received a mild response from investors, garnering over 3 times bids.
The quota reserved for qualified institutional buyers (QIBs) was subscribed 8.71 times while those reserved for non-institutional investors (NIIs), employees and retailers were subscribed 1.6 times, 2.93 times and 59%, respectively.
Incorporated in 1998, Landmark Cars is a leading 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
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Landmark Cars offers services such as sales of new vehicles, after-sales service and repairs, sales of pre-owned passenger vehicles and facilitation of the sales of third-party finance and insurance products.
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