Landmark Cars IPO
Landmark Cars IPO — date, price band, lot size & details 2022
Landmark Cars listed on 23 Dec 2022 at ₹471, 6.9% below the ₹506 issue price.
Landmark Cars is a premium automotive retailer with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault, and an Ashok Leyland commercial vehicle dealership. Its total income was Rs 2,989.12 crore in FY2022.
Stock price
Landmark Cars is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 13 Dec 2022
- Close 15 Dec 2022
- Allotment 20 Dec 2022
- Refund/credit 21 Dec 2022
- Listing 23 Dec 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 13 to 15 Dec, 2022 |
|---|---|
| Price Band | ₹481 – ₹506 |
| Face Value | ₹5 |
| Lot Size | 29 Shares |
| Issue Size | ₹552 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 48.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,674 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 29 shares at the ₹506 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 29 | ₹14,674 |
| Retail (max) | 13 | 377 | ₹1,90,762 |
| S-HNI (min) | 14 | 406 | ₹2,05,436 |
| S-HNI (max) | 68 | 1,972 | ₹9,97,832 |
| B-HNI (min) | 69 | 2,001 | ₹10,12,506 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 1,966.34 crore in FY2021 to Rs 2,989.12 crore in FY2022.
- 02Profit after tax rose from a loss of Rs 28.94 crore in FY2020 to Rs 66.18 crore in FY2022.
- 03It had 112 outlets in 8 states and union territories on 30 June 2022.
- 04Rs 120.00 crore of the fresh issue was planned for prepaying debt.
- 05After-sales service and spares, with 53 outlets, give steadier income than new car sales.
Risks · 5
- 01Car retail margins are thin, and the source puts the PAT margin at 2.22%.
- 02Rs 401.92 crore of the Rs 552 crore issue was offer for sale, so most of the money went to selling shareholders.
- 03Total borrowing rose from Rs 308.49 crore on 31 March 2022 to Rs 464.37 crore on 30 June 2022.
- 04The business depends on dealership agreements with a few carmakers, which they can change or end. The pre-issue P/E was 28 at Rs 506.
- 05Promoter group holding fell from 60.24% before the issue to about 55.23% after it, as per the RHP share counts.
Three years of numbers
All figures in ₹ crore, as reported in the Landmark Cars offer document.
| Metric | 30 Jun 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 1,209.37 | 1,085.38 | 887.90 | 831.77 |
| Total Income | 801.90 | 2,989.12 | 1,966.34 | 2,228.93 |
| Profit After Tax | 18.14 | 66.18 | 11.15 | -28.94 |
| NET Worth | 268.27 | 246.94 | 181.78 | 169.13 |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | |
| Total Borrowing | 464.37 | 308.49 | 327.44 | 357.91 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Landmark Cars RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Landmark Cars IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹18.07 | ₹18.33 |
| P/E Ratio (x) | 28.00 | 27.61 |
| Market Cap at Offer Price (₹ Cr) | ₹507.96 | ₹500.76 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹506 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹139.11 Cr of the issue is earmarked to named objects.
About the company
It holds dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault, and a commercial vehicle dealership for Ashok Leyland. It covers the retail value chain, from new vehicle sales and after-sales service and spares to pre-owned cars and third-party finance and insurance.
On 30 June 2022 it had 112 outlets in 8 states and union territories, made up of 59 sales showrooms and outlets and 53 after-sales service and spares outlets.
The IPO was Rs 552 crore, with Rs 150.08 crore of fresh issue and Rs 401.92 crore of offer for sale, mostly by TPG Growth II SF. Rs 120.00 crore of the fresh money was planned for prepaying subsidiary borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Landmark Cars IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Landmark Cars?
The current Grey Market Premium is ₹20, or 4% over the issue price.
What is the Landmark Cars IPO price band?
₹481 to ₹506, on a face value of ₹5.
When is the allotment?
The basis of allotment is 20 December 2022, with listing on 23 December 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
