MUMBAI, 13 DECEMBER, 2022 (GPN): Landmark Cars Limited are a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault has received bids of 14,04,383 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 0.17 times on the first day of bidding.
Employee portion was fully subscribed. Retail Portion was subscribed 0.17 times, Non-Institutional segment saw a response of 0.39 times, Qualified institutional buyer portion were yet to see any bids and 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.
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Company Information
Landmark Cars, otherwise known as Group Landmark has a presence across the automotive retail value chain, which includes sale of new vehicles (passenger as well as commercial), after-sales service and repairs (including sales of spare parts, lubricants and accessories), sales of pre-owned passenger vehicles. As a value add-on to its passenger vehicle sales, it also facilitates sale of third-party financial products including insurance policies and vehicle finance through its dealerships.
According to new vehicle sales, it stands to be the number one dealer for Mercedes-Benz, Honda, Stellantis (Jeep) in fiscal 2021, and Volkswagen and Renault in calendar year 2020. In FY21 Landmark dealerships have sold 1,133 vehicles for Mercedes and more than 4000 vehicles for Honda and Renault. Overall the company has sold above 1,30,000 Cars across all the brands it caters too. Additionally, the company has recently forayed into a partnership with global EV giant BYD to sell its MP6 Electric Vehicle in Mumbai & Delhi NCR.
The table below shows subscription data for all the categories of investors:
| LANDMARK CARS LIMITED
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| Sr.No. | Category | No.of shares offered / reserved | No. of shares bid for | No. of times of total meant for the category |
| 1 | Qualified Institutional Buyers (QIBs) | 22,91,061 | 1,624 | 0.00 |
| 1(a) | Foreign Institutional Investors (FIIs) | – | – | – |
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | – | – | – |
| 1(c) | Mutual Funds | – | – | – |
| 1(D) | Others | – | 1,624 | – |
| 2 | Non Institutional Investors(NIIS) | 17,18,295 | 6,76,715 | 0.39 |
| 2.1 | Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 11,45,530 | 6,35,100 | 0.55 |
| 2.1(a) | Corporates | – | – | – |
| 2.1(b) | Individuals (Other than RIIs) | – | 2,21,937 | – |
| 2.1(c) | Others | – | 4,13,163 | – |
| 2.2 | Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) | 5,72,765 | 41,615 | 0.07 |
| 2.2(a) | Corporates | – | – | – |
| 2.2(b) | Individuals (Other than RIIs) | – | 41,615 | – |
| 2.2(c) | Others | – | – | – |
| 3 | Retail Individual Investors (RIIs) | 40,09,355 | 6,98,378 | 0.17 |
| 3(a) | Cut Off | – | 6,21,905 | – |
| 3(b) | Price Bids | – | 76,473 | – |
| 4 | Employee Reserved | 23,094 | 27,666 | 1.20 |
| 4(a) | Employee (Cut off) | – | 22,156 | – |
| 4(b) | Employee (Price) | – | 5,510 | – |
| 5 | Reservation PortionShareholder | – | – | – |
| 5(a) | RPS (Cut off) | – | – | – |
| 5(b) | RPS (Price) | – | – | – |
| Total | 80,41,805 | 14,04,383 | 0.17 | |
BSE + NSE Cumulative Demand Live Link: https://www.bseindia.
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