Landmark Cars IPO Analysis at Chanakyanipothi.com, India`s the Oldest & the most Trusted Investment website. Operational since 8th December 1999, we are the Only Investment Platform in India, which has successfully completed 23 Years

Landmark Cars Listing Estimate: The company has strong business model in fast growing automobile retail and service business. However, the IPO has received not so impressive response. The market mood is expected to be quite weak today at the time of listing. The fancy is in the grey market is also low. The listing is feared to be lackluster and may at discount to the Issue price. However, the long-term investors may retain the shares strong returns in the next 9 months.

Landmark Cars IPO Guidance: The company has strong and growing business model with low fixed capital-intensive business. Because of multiple dealerships, the dependance on a single principal is very low. Long business experience, online presence, strong profitability and reasonable valuation make this IPO attractive from long term investment standpoint and also can provide small listing gains.

Landmark Cars Grey Market News Today #
Observation: The grey market premium has turned very weak for this IPO.
For latest updates of GMP and Subject to, Click

Landmark Cars Subscription Status
# On 15 December 2022 @ 5.00 pm (Closed)
QIB        :     2291061   Shares,  8.71T
Big NII   :     1145530   Shares,  1.59T
SmallNII:        572765  Shares,  0.78T
RII         :      4009355   Shares,  0.56T
Emp         :       23094   Shares,  2.93T
Total     :      8041805   Shares,  3.05T

Landmark Cars Company Details
Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. It also caters to the commercial vehicle retail
business of Ashok Leyland in India. t has a presence across the automotive retail value chain, including sales of new vehicles, after-sales service and repairs (including sales of spare parts, lubricants and accessories), sales of pre-owned passenger vehicles and facilitation of the sales of third-party financial and insurance products. The Company started its operations and opened its first dealership for Honda in CY1998, and it has expanded its network to include 112 outlets in 8 Indian states, comprised of 61 sales showrooms and outlets and 51 after-sales service and spares outlets, as of September
30, 2021. It is focused on the premium and luxury automotive segments.

CRISIL Research expects the premium segment to grow at a CAGR of 10-12% CAGR from Fiscal 2021 to Fiscal 2026, while the luxury segment is expected to grow at a CAGR of 20-22% during the same period. . It was number one dealer in India by sales volumes of new vehicles for Mercedes-Benz (in Fiscal 2021), Honda (in Fiscal 2021), Volkswagen (in CY 2020) and Stellantis (Jeep) (in Fiscal 2021), and we were the third largest dealer by sales volume for Renault (in CY2020).

New Vehicle Sales: In the six months ended September 30, 2021, and in Fiscal 2021, it sold 8,295 and 13,282 new vehicles, respectively, including new passenger vehicles of Mercedes-Benz, Honda, Volkswagen, Jeep and Renault and new commercial vehicles of Ashok Leyland. Its consolidated revenue from new vehicle sales were Rs.11,352.91 million and Rs 14,455.44
million, respectively, in the six months ended September 30, 2021, and in Fiscal 2021, and comprised 80.35% and 73.90%, respectively, of its consolidated total revenue from operations in those periods.
The following table sets forth (i) the volume of new vehicles that we sold for each OEM in the six months ended September 30, 2021, and in Fiscal 2021, (ii) the year it opened its first dealership with each particular OEM (iii) its market position and (iv) percentage of passenger vehicles sold with respect to that OEM in 2021 or Fiscal 2021

Its vehicle dealership network is spread across 31 cities in eight states and union territories including Maharashtra, Uttar Pradesh, Gujarat, Haryana, Madhya Pradesh, Punjab, West Bengal and the National Capital Territory of Delhi. These states constituted more than 51% of Indian vehicle demand in Fiscal 2021. In addition, we have an online presence through our website for Group Landmark, websites for its individual dealerships and the websites of our OEMs to showcase our brands including the latest model launches by its OEM partners and to facilitate lead generation. It began taking bookings online through its website for Group Landmark in June 2021 which is leading to monthly sales each month.
Expansion into Pure EV Sales: It has recently signed a letter of intent with the automaker BYD, a leading player in the global EV market, for the Company to be their dealer in the National Capital Region (Delhi) and Mumbai in respect of their electric passenger vehicles.

After-Sales Service and Spare Parts
It’s after-sales service and spare parts offerings at each of its dealerships comprise repair and collision repair services and include both warranty work, insurance claim work and customer paid services. It operates as authorized service centers for Mercedes-Benz, Honda, Volkswagen, Jeep, Renault and Ashok Leyland, and it provides after-sales service and repairs through 51* after-sales service and spares outlets, as of September 30, 2021. During the six months ended September 30, 2021, and Fiscal 2021, Fiscal 2020 and Fiscal 2019, we serviced 127,337, 213,755^, 280,952^ and 261,670^ passenger vehicles, respectively, and 5,343, 7,713, 10,088 and 10,236 commercial vehicles, respectively. In the six months ended September 30, 2021, Fiscal 2021, Fiscal 2020 and Fiscal 2019, its after-sales service and spare parts revenues was Rs 2,430.15 million, Rs4,229.56 million, Rs 4,806.40 million and Rs 4,602.16 million, respectively. In addition, as authorized dealers for Mercedes-Benz, Honda, Volkswagen, Jeep, Renault and Ashok Leyland, it also sells spare parts, lubricants, accessories and other products at its after-sales service and spares outlets. In the six months ended
September 30, 2021, and in Fiscal 2021, Fiscal 2020 and Fiscal 2019, it earned an average of Rs18,316, Rs19,098, Rs16,515 and Rs16,926 respectively, from each vehicle serviced, and we serviced an average of 16, 17, 17 and 12 vehicles for every new vehicle sold in the respective periods.

Pre-owned Passenger Vehicle Sales It buys and sells pre-owned passenger vehicles at each of its dealerships. It operates on two business models: (1) it facilitates the sale of used vehicles through its appointed panel of agents on a commission basis; and (2) it also takes the vehicles on its books for sale after any needed refurbishment. It also receives an incentive from its OEMs for used vehicles traded in for new vehicles; this incentive or over-allowance is available to it as a new car dealer and helps it with closing these transactions. It has also implemented a digital SaaS platform developed by Sheerdrive, an auto technology start-up company in which we held a 19.97% equity interest (as at September 30, 2021), in its pre-owned car business. Sheerdrive’s technology platform enables digital evaluation and real time used car prices, which it believes will help drive transparency, accuracy and velocity of used car transactions, and will help drive its strategy of combining its physical presence with digital scale and speed.
Third-party financial and insurance products: As a value add-on to its passenger vehicle sales, it facilitates the sale of third-party financial products including insurance policies and vehicle finance through its dealerships. Increasing the penetration of finance and insurance product sales will further drive profitability of its overall business.
For more information, click www.grouplandmark.in

The Promoter of Landmark Cars
Sanjay Karsandas Thakker

Landmark Cars IPO Main Objects
The Offer comprises the Fresh Issue by the Company and an Offer for Sale by the Selling Shareholders.
The Company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:
Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company and Subsidiaries

Landmark Cars IPO Details
IPO opens on 13 December 2022
IPO closes on 15 December 2022
Issue Type: Book Built Issue IPO
Issue: up to 10909091 Shares /Rs 552 Cr
* Fresh Issue of 2964427 Sh/ Rs.150 Cr
* Offer for Sale Up to 7944664 Sh/ Rs 402 Cr

Face Value per share: Rs. 5

Landmark Cars IPO Price Band Per Equity Share: Rs. 481-506
Landmark Cars IPO Retail Lot Size 29 Shares
Landmark Cars Listing will at BSE, NSE

Shares offered to
QIB (50%) 5444664 Shares = Rs 275.50 Cr
NII (15%) 1633399  Shares = Rs 82.65 Cr
RII (35%)  3811265 Shares = Rs 192.85 Cr
Emp(?%)  19763     Shares =  Rs 1 Cr

Retail portion to get oversubscribed by 27975 Forms

How much Shares to Apply?
Min Retail Application           29 Shares Rs. 14674
Max Retail Application          377 Sh      Rs. 190762
Small HNI (Min) Application  406 Sh      Rs. 205436
Small HNI (Max) Application 1972 Sh    Rs. 997832
Big HNI Application              2001 Sh    Rs. 1012506

Landmark Cars IPO Tentative timetable
IPO opens on            13 December 2022
IPO closes on            15 December 2022
IPO Allotment on      20 December 2022
Unblocking of ASBA 21 December 2022
Credit of Shares        22 December 2022
Listing on                  23 December 2022

Landmark Cars IPO Financial & Analytical Ratios
Earnings per Share 2019-20 Rs (7.84)
Earnings per Share 2020-21, Rs 3.09
Earnings per Share 2021-22 6M Rs 7.58
Return on Net Worth: 19-20 (16.99) %
Return on Net Worth: 20-21: 6.23 %
Return on Net Worth: 20-21 6M: 13.32%
Equity Shares prior to the IPO: 36,625,620 Shares
Book Value of the Share as on 30.9.2021 Rs 56.93
NAV per Equity Share after the Offer (?)
Ratio Analysis
Upper Price Band/last EPS:
Upper offer price/Book Value Ratio
Upper offer price/BV after IPO Ratio:

Landmark Cars IPO Peer Comparison:
There are no listed companies in India that engage in a business similar to that of this Company.

Landmark Cars IPO Lead Managers 
Axis Capital, ICICI Securities
Registrar to Landmark Cars IPO
Linkin time India Pvt Ltd.

Registered Office of Landmark Cars
Landmark House, Opp. AEC, S.G. Highway, Thaltej, Near Gurudwara, Ahmedabad 380 059
Company Secretary & Compliance Officer: Amol Arvind Raje

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Landmark Cars IPO Subscription Status
# Anchor Investors Subscription
X
# On 16 September 2022 @ 5.00 pm
QIB        :   (?) Shares, (?) T
Big NII   :    (?) Shares,(?)T
Small NI:    (?) Shares, (?)T
RII         :    (?) Shares, (?)T
Empl     :    (?) Shares, (?)T
Total      :   (?) Shares, (?)T