Landmark Cars IPO Day 3 subscription update- Issue oversubscribed, check who bid most, who stayed away

Landmark Cars IPO Day 3 subscription update: Issue oversubscribed, check who bid most, who stayed away

Landmark Cars’ IPO is set to close today, and has been subscribed over 300% or 3.04x. The IPO received significant interest from QIBs (qualified institutional buyers) who subscribed to the issue 8.71x. Non institutional investors bid 1.31 times while retail investors had a comparatively lackluster response at 0.56x. The portion reserved for employees is oversubscribed 2.66 times. The QIB quota for the IPO is 50%, retail quota is 35% and HNI is 15%.The grey market premium (GMP) for Landmark Cars’ IPO is currently Rs 10.

The issue size of the IPO is Rs 552 crore for 10,909,091 shares with the face value of Rs 5. The company’s IPO comprises fresh issue equity shares worth Rs 150 crore, as well as an offer for sale (OFS) up to Rs 402 crore. The car dealer has raised Rs 165 crore via anchor book prior to the IPO. The lot size for retail investors is 29 shares, and the maximum lots an investor could bid for are 13 lots or 377 shares, which totals Rs 190,762 at the upper end of the price band, which is set at Rs 481-506. Investors with successful bids will receive the shares in their demat account on December 22 and the shares will be listed on the bourses on December 23.

Landmarks Cars has a large network of car dealerships across the country, including premium brands such as Mercedes-Benz, Jeep, Volkswagen and Renault. The company also has a presence across the automotive retail value chain from sales, after-sales to authorized service centers, with over a hundred facilities over eight states in the country.