Logistics firm Western Carriers (India) announced on Thursday that it has raised ₹148 crore from anchor investors ahead of its initial public offering (IPO) opening for public subscription. The IPO is now open for general public for subscription and will conclude on September 18.
The anchor investors include Aditya Birla Sun Life Insurance, Kotak Mahindra Life Insurance, Motilal Oswal Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund, BNP Paribas, Societe Generale, and Citigroup Global Markets Mauritius.
According to exchange filings, Western Carriers allocated 85,96,743 equity shares to 15 funds at ₹172 per share, the upper end of the IPO’s price band. This brings the total transaction value to ₹148 crore. Out of this, 39,92,952 equity shares were allocated to four domestic mutual funds through six different schemes.
The Kolkata-based company’s ₹493 crore IPO will open for public subscription from September 13 to September 18, with a price range set between ₹163 and ₹172 per share.
The IPO comprises a fresh issue of equity shares worth up to ₹400 crore and an offer for sale (OFS) of up to 54 Lakh shares, amounting to ₹93 crore at the upper price band, by promoter Rajendra Sethia. The net proceeds from fresh issue will be used towards debt repayment, capital expenditure on commercial vehicles, shipping containers, and reach stackers, and for general corporate purposes.
Investors can bid for a minimum of 87 shares and in multiples thereof.
Western Carriers is one of the top multi-modal, rail-focused, asset-light logistics companies in India. The company has a serving customer base of 1,647 across sectors like metals and mining, FMCG, pharmaceuticals, building materials, chemicals, oil and gas, and utilities as of March 2024. Its key clients include Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals, and Gujarat Heavy Chemicals.
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