India's Landmark Cars skids 12% on market debut, valued at $213 mln

Landmark Cars

23/12/2022 05:39

** Shares of Indian luxury automobiles dealer Landmark Cars
Ltd  LANM.NS  fall as much as 11.8% to 446.2 rupees on market
debut, giving co a valuation of 17.67 bln rupees ($213.27
million)
    ** Stock listed at 471 rupees, ~6.9% below offer price of
506 rupees, in a weak broader market  .NSEI 
    ** LANM's IPO was subscribed 3.06x last week, with most
demand seen from institutional investors who bid for 8.7x the
shares on offer; retail investors subscription at 0.59x
 urn:newsml:reuters.com:*:nL4N3351YP
    ** LANM sells cars made by Mercedes-Benz, Jeep, Volkswagen
and Renault, among others
    ** Co raised 5.52 bln rupees in IPO, including fresh issue
of shares worth 1.5 bln rupees and sale of shares worth 4.02 bln
rupees by existing shareholders, including TPG 
($1 = 82.8530 Indian rupees)
 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))