Premium car retailer Landmark Cars will debut today (December 23). Experts don’t see it as a landmark event, with most expecting it to follow the trend of listings in the recent stock market downturn.

Experts say that a weaker-than-expected public offering response, weak secondary market sentiment and aggressive valuations could weigh on listings.

Markets have continued under pressure this month, barring intermittent rebounds, down about 4% from their all-time high on December 1.

Landmark Cars closed its initial public offering last week, 3.06 times subscribed. Qualified institutional buyers provided the most significant support for the offer, buying 8.71 times their quota. At the same time, high-net-worth individuals bid 1.32 times the portion reserved for them, but the retail portion was sold on December 13-15. The stock sale period was booked 0.59 times.

Analysts said Landmark Cars shares are trading between 2% and 4% on the grey market on unofficial trading platforms.

The trend toward low-key listings is evident in the recent examples of Sula Vineyards and Uniparts India, which got off to a poor start, partly because of market sentiment.

Established in 1998, Landmark Cars has Mercedes-Benz, Honda, Jeep, Volkswagen and Renault dealerships in India. It also caters to Ashok Leyland’s commercial vehicle retail business.

Landmark Cars is involved in the automotive retail value chain, including new car sales, aftermarket services and repairs (including sales of spare parts, lubricants and accessories), used passenger car sales, and financial and insurance products that facilitate third-party car sales.

The company raised Rs 552 crore from the public offering, of which Rs 150 crore from the new issue will be used to repay debt.