Shares of Landmark Cars Ltd were trading at a premium of ₹52 per share in the IPO grey market today, as per topsharebrokers.com. The IPO price per share is ₹506 while its estimated listing price is ₹558, up 10.3%. This makes a grey market premium of ₹52 per share.
The IPO grey market is an over-the-counter market where only transactions with a select number of dependable investors are conducted in person. Brokers in the area typically help the transactions.
Before the company is listed on the stock exchange, an investor could sell IPO shares or IPO applications on this market.
The company will listed on the bourses on December 23.
The company that houses dealerships of Mercedes-Benz, Honda, Jeep, Volkswagen, and Renault fixed the price band at 481-506 rupees per share today, for its IPO.
The IPO offer will open for subscription on December 13, and will close on December 15.
The public offering of equity shares with a face value of 5 rupees consists of a new issue of equity shares totaling 150 crore rupees, and an offer for sale (OFS) by existing shareholders of up to 402 crore rupees.
The proceed from the fresh issue will be utilised by the company to repay or pre-pay loans of the company and its arms. The company would also use the funds for general corporate purposes.
The selling shareholders for the OFS are TPG Growth, Sanjay Karsandas Thakker HUF, Aastha Ltd, and Garima Misra.
Axis Capital LTD, and ICICI Securities Ltd are the book running lead managers.
