Landmark Cars Ltd's IPO, which opened for subscription on Tuesday, December 13, was subscribed 0.39 times or 39 percent on the second day, driven by response from employees, retail investors, and non-institutional investors. The issue will close on Thursday, December 15.
The company received bids for 31,33,102 shares against 80,41,805 shares on offer, according to data from the BSE.
The employee portion was subscribed 2.18 times.
The retail investors' portion was subscribed 0.36 times. The company received bids for 14,45,186 shares against 40,09,355 on offer for this segment.
The non-institutional investors' portion was subscribed 0.84 times. The company received bids for 14,37,385 shares against 17,18,295 on offer for this segment.
The portion set aside for qualified institutional buyers was subscribed 0.09 times on the second day.
On Monday, the company raised ₹165 crore from anchor investors which included Goldman Sachs, PineBridge Global Funds, BNP Paribas, Morgan Stanley Asia (Singapore) Pte, and Elara India Opportunities Fund.
The equity shares were also allocated to domestic institutions that included HDFC Mutual Fund, Nippon Life Mutual Fund, Aditya Birla Sun Life Mutual Fund, Edelweiss Mutual Fund, Maven India Fund, Bengal Finance and Investment, Resonance Opportunities Fund and Quantum State Investment Fund.
The issue has received a 'Subscribe' rating from brokerage firms like Anand Rathi, Arihant Capital, Choice Equity, Marwadi Shares, Reliance Securities, and Ventura Securities.
Axis Capital Limited and ICICI Securities Limited are the book running lead managers.
The public offering of equity shares with a face value of 5 rupees consists of a new issue of equity shares worth ₹150 crore and an offer for sale (OFS) by existing shareholders of shares worth ₹402 crore.
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.