NEW DELHI : Private equity firm TPG Growth is set to offload a portion of its stake in India’s leading car dealership network, Landmark Cars, through an initial public offering (IPO). The IPO is set to raise ₹552 crore ($75.8m), with TPG expected to reduce its stake to 11-12% in the company, 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 portion of their stake, though Sanjay Thakker, chairman, Landmark Cars told Mint in an exclusive interview that the promoter family will be holding onto the majority (55%) of their shares. The IPO comes as the premium and luxury car market in India has begun to recover after the impact of the covid-19 pandemic. Edited excerpts:
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