Subscriptions in TPG-backed premium car dealer Landmark Cars Ltd. continued on the second day of its initial public offering.
The offer was subscribed at 17% on day one.
The issue consists of 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 in the IPO. The issue is worth Rs 552 crore.
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 company said it will use about Rs 120 crore raised from the IPO to reduce working capital loans.
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