Shares of car dealership chain Landmark Cars performed weakly on Friday, closing nearly 10 percent lower than its issue price of Rs 506.
The stock was listed at Rs 471.30, a 6.85 percent discount to the BSE. On the day, it fell 11.76 percent to Rs 446.45. The stock closed at Rs 456.45 apiece, down 9.79%.
On NSE, the stock made its debut at Rs 471, down 6.91 percent. It closed at Rs 456.15 per share, down 9.85%.
The company has a market valuation of Rs 1,807.18 crore on the BSE.
In the broader market, the 30-share BSE Sensex came under selling pressure for the fourth day in a row, shedding 980.93 points or 1.61 percent to close at 59,845.29.
Landmark Cars’ initial public offering (IPO) was 3.06 times subscribed last week.
The company’s public offer price range is Rs 481-506 per share.
Landmark Cars’ IPO had up to Rs 150 crore in new issues and up to Rs 402 crore in sale offers, for a total of up to Rs 552 crore.
TPG-backed Landmark Cars is India’s leading premium car retailer with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.
(Aside from the title, this story is unedited by NDTV staff and published via a syndicated feed.)
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