Western Carriers' IPO subscribed to 25.85 times as of Day 3

19 Sep 2024 , 03:17 PM

Western Carriers (India) Ltd., a logistics firm based in Kolkata, had its initial public offering (IPO) subscribed 25.85 times on the third and final day of bidding on Thursday, thanks to high demand from non-institutional investors and retail investors.

The issuance received bids for 53.95 crore shares, compared to a total of 2.08 crore equity shares. Qualified institutional buyers booked 14.92 times, while NIIs subscribed 42.72 times. The retail investor quota received 24.78 times more bids.

The business raised ₹148 crore from anchor investors, including Societe Generale, Citigroup Global Markets Mauritius, Aditya Birla Sun Life Insurance business, Kotak Mahindra Life Insurance Company, and Motilal Oswal Mutual Fund (MF), prior to the IPO.

The company sold its shares for ₹163-172 per share. Western Carriers’ post-listing market capitalisation is expected to be ₹1,754 crore.

The offer included a fresh issue of equity shares worth ₹400 crore and an Offer For Sale (OFS) component of up to 54 lakh equity shares worth ₹92.88 crore from promoter and selling shareholder Rajendra Sethia.

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