Landmark Cars to file DRHP documents with SEBI for IPO worth over ₹750 cr

the company is looking to raise 750 crores from primary markets, in what will likely be the largest car retail listing on D-Street in India through an initial public offering (IPO).

Currently the only listed automotive retail group is Maruti Suzuki Dealer Enabled Automobiles with about current market capitalization 115 crores.

TPG Growth, which invested about $25 million in the company in 2015, may sell a portion of its stake in the company in the IPO.

Landmark’s auto dealership business is present in 29 cities across Gujarat, West Bengal, Maharashtra, Madhya Pradesh, Delhi and Punjab. The group recently announced its collaboration with China-based EV manufacturer BYD for its EV sales and after-sales services in India.

Landmark Cars is one of the largest luxury and premium retailers in India, retailing brands like Mercedes Benz, Jeep, Volkswagen, Renault and Honda Cars India with over 100 dealerships.

Established by Sanjay Thakkar in 1997, Group Landmark also runs an insurance broking business and employs over 3,000 people.

Ravi Bhatia, president and director, auto intelligence firm Jato Dynamics India, told Mint, “Given the current market scenario, the profitability of dealerships has been adversely affected and opportunities for expansion through acquisitions exist for strong players.”

“There are six well-established, publicly traded automobile dealership groups in the US, for example the Asbury Automotive Group and Group 1 Automotive with long activity that have weathered the industry events of 2000 and 2008. This one term There is good evidence from the perspective, but given the current market conditions, the valuation aspirations of Landmark are high,” Bhatia said.

Mint could not immediately reach Group Landmark for comment on the story.