Landmark Cars IPO subscribed 3.03 times on day 3

The initial public offer of Landmark Cars has seen tepid response from the investors. On day 3, the IPO was subscribed 3.03 times by 3.30 PM.

The qualified institutional buyers subscribe the IPO by 8.71 times against the quota reserved. Non-institutional investors bought 1.29 times of the reserved portion whereas retail investors bought 0.54 times shares of the quota set aside for them.

In Rs 552 crore IPO, the company sold its shares in the price range of Rs 481-506 per share, with a lot size of 29 equity shares. The IPO includes a fresh issue of Rs 150 crore and an offer for sale (OFS) of Rs 402 crore.

The company will utilize the net proceeds from fresh issue to repay the debt and other general corporate purposes.

It will finalise the share allotment on December 20. The company will list on BSE and NSE on December 23.