Updated: December 15, 2022, 04:52 PM IST
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Private equity firm TPG Growth prepares to offload … morePrivate equity firm TPG Growth is all set to sell a part of its stake in India’s leading car dealership network, Landmark Cars through an initial public offering (IPO). Ready to raise IPO ₹552 crore ($75.8m), with TPG expected to reduce its stake in the company to 11-12% from the current 29%. The IPO will make Landmark Cars the only listed car dealership network in India. The promoters will also offload a small part of their stake, although Sanjay Thakkar, chairman of Landmark Cars, told Mint’s Alisha Sachdev in an exclusive interview that the promoter family will hold the majority (55%) of its shares. The IPO comes as the premium and luxury car market in India has started to recover after the impact of the Covid-19 pandemic.