Western Carriers IPO Subscription Details on Day 4

18 Sep 2024 , 01:21 PM

Western Carriers (India) Ltd. has launched its Initial Public Offering (IPO) of ₹492.88 Crore. The price band for the IPO is set between ₹163 to ₹172 per share.

On the fourth day, the IPO was subscribed 11.86 times overall. Non-institutional investors subscribed 17.06 times, retail individual investors (RIIs) subscribed 16.25 times, and Qualified Institutional Buyers (QIBs) saw a 12% subscription rate.

The IPO is open from September 13 to September 18, with share allotment expected on September 19 and listing on BSE and NSE set for September 23.

Before the IPO, the company raised ₹148 Crore from anchor investors like Aditya Birla Sun Life Insurance and Kotak Mahindra Life Insurance by allocating 85.97 lakh shares at ₹172 each.

The IPO includes a fresh issue of ₹400 Crore and an offer for sale (OFS) of 54 lakh shares worth ₹93 Crore by promoter Rajendra Sethia.

Proceeds will be used for debt repayment (₹163.5 Crore), capital expenditures for commercial vehicles and shipping containers (₹152 Crore), and general corporate purposes. The minimum bid is 87 equity shares, with multiples allowed thereafter.

Western Carriers is India’s largest private multi-modal, rail-focused, 4PL asset-light logistics provider by container volumes in FY2023.

The company serves various sectors including metals, FMCG, pharmaceuticals, and chemicals, with key clients like Tata Steel, Hindalco, HUL, Cipla, and Coca-Cola India. For FY2024, the company reported revenue of ₹1,685 Crore and a profit after tax (PAT) of ₹80 Crore. JM Financial and Kotak Mahindra Capital are the lead managers for the IPO.