Landmark Cars jumps 7% post multiple block deals, TPG Capital likely seller

Landmark Cars block deal: Shares of Landmark Cars rallied nearly 7 per cent to Rs 710 apiece on the BSE on Friday after 7.5 lakh shares, or 1.88 per cent equity, changed hands in multiple block deals in the pre-open session. As per reports, TPG Capital was expected to sell shares in the company today.

Landmark Cars made its debut in the stock market on December 23, 2022, last year. The company's IPO, whose price band was set between Rs 481 and Rs 506 per share, ran between December 13, 2022, and December 15, 2022.

Landmark Cars is in the retail automobile business and handles dealerships with premium brands such as Mercedes-Benz, Honda, Volkswagen, Jeep, and Renault. Their services include the retail sale of new vehicles, the sale of pre-owned vehicles, after-sale service and repair, and the sale of spare parts and accessories, in addition to third-party insurance products.  

The company started its operations in 1998 when it opened a Honda dealership in Ahmedabad. Since then, Landmark Cars has expanded to over 60 dealerships across eight states. According to the draft red herring prospectus (DRHP) filed by the company, its after-sale service and sale of spare parts contribute to higher-margin revenues.