Western Carriers files DRHP to raise funds via IPO

12 Jun 2023 , 01:22 PM

Western Carriers, logistics service provider has filed draft papers with markets regulator Securities and Exchange Board of India (SEBI) to raise funds via IPO.

As per DRHP, the company aims to raise Rs 500 crore through fresh issue of equity shares and an Offer For Sale (OFS) of up to 93.29 lakh equity shares by promoter Rajendra Sethia. 

The company may also consider pre-IPO placement of up to Rs 100 crore. If such placement is completed, the fresh issue size will be reduced.

The logistics service provider will use the net proceeds from the fresh issue towards debt payment, to fund capital expenditure requirements, purchase of commercial vehicles, 40 feet specialised containers and 20-feet normal shipping containers and reach stackers; and balance towards general corporate purposes.

Western Carriers is a prominent logistics company headquartered in Kolkata, India. The company specializes in providing private, multi-modal transportation solutions with a strong emphasis on rail transport. As of December 2022, Western Carriers boasted a substantial customer base of over 1,100 clients from diverse industries including metals and mining, FMCG, pharmaceuticals, building materials, chemicals, oil and gas, and utilities.

Some of its key clients are companies, including Tata Steel, Hindalco Industries, Vedanta, JSW, HUL, Coca Cola India, Tata Consumer Products, Cipla, Haldia Petrochemicals and Gujarat Heavy Chemicals.

The company has appointed JM Financial Ltd and Kotak Mahindra Capital Company Ltd as the book running lead managers and planning to list the equity shares on the BSE and NSE.