Premium car retailer Landmark Cars will launch its initial public offering (IPO) on December 13. The price range for the launch is set at Rs 481-506 and will end on December 15. Investors can bid a minimum of 29 shares, after which they can bid in multiples of 29 shares.

The float of Rs 552 crore includes a fresh issue of Rs 150 crore and an offer-for-sale of Rs 402 crore. The selling shareholders are TPG Growth II SF, Aastha Ltd, Garima Mishra and promoter Sanjay Thakkar.

The company reserves 35% of the issuance scale for retail investors, 15% for high-net-worth individuals (non-institutional investors), and 50% for qualified institutional buyers.

According to the IPO prospectus, proceeds from the new offering will be used to repay/prepay certain borrowings and other general corporate purposes.

Group Landmark has a premium automotive retail business in India, distributing Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. It also caters to Ashok Leyland’s commercial vehicle retail business.

It operates across the entire automotive retail value chain, including new vehicle sales, aftermarket services and repairs (including sales of spare parts, lubricants and accessories), used passenger vehicle sales, and facilitation of third-party financing and insurance products.

For the year ended March 31, 2022, the company’s total revenue stood at Rs 2,989 crore, up 52% ​​year-on-year. The net profit of Rs 66 crore was six times higher than the Rs 11 crore recorded in FY21. For the quarter that ended June 2022, revenue was Rs 802 crore, and profit was Rs 18 crore. Axis Capital and ICICI Securities are the lead book-runners for the offering.