Shares of Landmark Cars Ltd. listed at Rs 471.3 apiece on the BSE Ltd., a discount of 6.8% to their IPO price of Rs 506 apiece.
On the National Stock Exchange of India Ltd., the stock debuted at Rs 471, a 6.9% discount.
Intraday, it fell as much as 11.8% to Rs 446.2 crore, before ending 9.8% lower at Rs 456.1.
The Rs 552 crore IPO was subscribed 3.06 times. The demand was led by employees, followed by non-institutional investors.
The issue, which opened for subscription on Dec. 13, includes a fresh issue of Rs 150 crore and an offer-for-sale of Rs 402 crore by selling shareholders at a price band of Rs 481–506 apiece.
The promoters and the promoter group will hold 48% of the post-offer issued and paid-up equity share capital. The offer for sale comprises 27.56% of the post-offer equity capital in the IPO.
The TPG-backed premium car dealer said it will direct about Rs 120 crore raised from the IPO towards reducing working capital loans.
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