Ahmedabad-based Landmark Cars Ltd, a leading premium automotive retail business in India with dealerships for Mercedes- Benz, Honda, Jeep, Volkswagen and Renault has filed its draft red herring pro- spectus (DRHP) for Rs 762 crore initial public offering (IPO) with Sebi. According to the draft papers, the issue consists of a fresh issue of eq- uity shares aggregating to Rs 150 crore and an offer for sale (OFS) of up to Rs 612 crore. The Offer for Sale comprises up to Rs 400 crore by TPG Growth II SF PTE Ltd, up to Rs 62 crore by Sanjay Karsandas Thakker HUF, up to Rs 120 crore by Aastha Limited and up to Rs 30 crore by Garima Misra (“Selling Shareholders.”).
The offer also includes a reservation for sub- scription by eligible employees. The proceeds from its fresh issuance worth Rs.120 crores will be utilised for the repayment or prepayment of borrowings, in full or part of all or certain borrowings for the company and general corporate purposes. Landmark Cars, otherwise known as Group Landmark has a presence across the automotive retail value chain, which includes sale of new vehicles (passenger as well as commercial), after-sales service and repairs, lubricants and accessories), sales of pre-owned passenger vehicles. As a value add on to its passenger vehicle sales, it also facilitates sale of third-party financial products including insurance policies and vehicle finance through its dealerships. According to new vehicle sales, it stands to be the number one dealer for Mercedes-Benz, Honda, Stellantis (Jeep) in fiscal 2021, and Volkswagen and Renault in calendar year 2020.
In FY21 Landmark dealerships have sold 1,133 vehicles for Mercedes and more than 4000 vehicles for Honda and Renault. Overall the company has sold above 1,30,000 Cars across all the brands it caters too. Additionally, the company has recently forayed into a partnership with global EV giant BYD to sell its MP6 Electric Vehicle in Mumbai Delhi NCR. Led by Sanjay Thakker, Chairman Founder, who started the operations and opened the first dealership for Honda in the year 1998, and later expanded its network to about 112 out lets in 8 Indian states, comprising of in excess of 60 sales showrooms and outlets and more than 50 after-sales service and spares outlets, with a focus on the premium and luxury automotive segments