Automobile dealership chain Landmark Cars drafts crimson herring prospectus in the coming weeks to raise over Rs 800 crore by means of an preliminary public providing, stated folks aware of the firm’s plan.
Axis Capital and ICICI Securities have been appointed as the lead managers for the proposed difficulty, they stated.
Landmark Cars is India’s greatest vendor of premium automobiles of automakers Mercedes Benz, Volkswagen, Honda and Fiat Chrysler. It could also be amongst the first automotive dealership firms in India to float an IPO. It can be the first automotive dealership firm to obtain non-public fairness funding.
The auto dealership business of Landmark Cars is spread across 29 cities in places such as Gujarat, West Bengal, Maharashtra, Madhya Pradesh, Delhi, and Punjab. The group recently announced its association with China-based electric vehicle (EV) manufacturer BYD for the sale and after-sales services of its EVs in India.
“It is a debt-free company and it believes in having an asset light model to run its operation, which was the key reason why TPG decided to invest in the company,” said one of the persons cited earlier. “Landmark also separated management from ownership. It is considered as one of the most professionally run automotive retail businesses, unlike family-run businesses in India.”
Landmark Cars plan to take the IPO route to raise above 800cr.
