Car dealership player Landmark Cars Limited has filed draft papers with the market regulator to raise up to ₹762 crore via initial public offering (IPO).

According to the draft papers, the issue consists of a fresh issue of equity shares aggregating to ₹150 crore and an offer for sale (OFS) of up to ₹612 crore.

Of the ₹150 crore being raised through fresh issue of equity shares, company looks to utilise ₹120 crore for repayment/pre-payment, partly or full, of certain borrowings availed by it.

Besides the promoter shareholders, the existing investor in the company, TPG Growth II SF Pte. Ltd will offload its stake up to ₹400 crore. TPG Growth's percentage of pre-offer holding in Landmark Cars is 29.70 per cent.

The company has also stated that it may consider the Pre-IPO Placement aggregating up to ₹30 crore. If the Pre-IPO Placement is completed, the size of the fresh Issue will be reduced to the extent of such Pre-IPO Placement.

Related Stories
Sahicoin raises $1.75 million in seed funding
To deploy funding to scale the team across engineering, product and grow the platform.
READ NOW
Related Stories
Edelweiss AMC limits inflow into IPO-focused fund to Rs 1 lakh
The fund invests in top 100 companies in IPO index and has delivered a CAGR of 57 per cent in last one year
READ NOW

The book running lead managers to the offer namely, Axis Capital Limited and ICICI Securities Limited.

Ahmedabad-based Landmark Cars has over 100 dealerships across the country for some of the leading premium automotive retail brands that includes Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.

As of March 31, 2021, the company reported consolidated revenues from operations at ₹1,956 crore, with total expenses of ₹1,946 crore with restated profit of ₹11 crore.

Related Topics
comment COMMENT NOW