Applied for Landmark Cars IPO? Here is how you can check your share allotment status today

The Rs 552 crore IPO, which was open for subscription between December 13-15, was subscribed to just 0.6 times in the retail category.

The issue was a mixture of fresh issuance of shares worth Rs 150 crore and an offer for sale (OFS) for shares worth Rs 402 crore.

The price band for the IPO was fixed between Rs 481 and Rs 506.

Landmark Cars ranks among the premium automotive dealerships in India. It is the top dealer in the country for brands like Mercedes, Honda, and Jeep. Apart from these three companies, it also has dealerships for Renault and commercial-vehicle dealerships for Ashok Leyland in India.

In an interaction with CNBC-TV18, Sanjay Thakker of Landmark Cars said that the funds received from the IPO will be used to pay the working capital debt, which is close to Rs 300 crore. He pointed out that the working capital debt is seasonal in nature and the company does not have any long-term debt.

Thakker added that the company will continue to grow via inorganic means, adding that they have invested in a tech company that will help give a real-time valuation of pre-owned cars.