Western Carriers IPO: Subscription Opens Next Week

10 Sep 2024 , 10:05 AM

Western Carriers (India) Ltd., a logistics firm situated in Kolkata, has set a price band for its upcoming ₹493 crore IPO, which will open for subscription on Friday, September 13, 2024.

The company intends to offer shares between ₹163 and ₹172 per share. Western Carriers’ post-listing market capitalisation is expected to be ₹1,754 crore.

Western Carriers’ IPO would include 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 by promoter and stakeholder Rajendra Sethia.

Retail investors may bid for a minimum lot size of 87 shares or multiples thereof.

According to the red herring prospectus (RHP), the IPO will end for subscriptions on September 18, 2024, with anchor investor bidding beginning September 12.

The IPO has allocated 50% of its shares (worth ₹246 crore) for Qualified Institutional Bidders (QIB) and 15% for Non-Institutional Investors (worth ₹80 crore).

Retail investors would receive shares worth ₹172 crore, or 35% of the IPO size.

The money raised from the fresh issuance will be used to prepay or repay borrowings of ₹163.5 crore, and fund capital expenditure of ₹151.7 crore for the purchase of commercial vehicles, containers, and reach stackers. The remaining will be utilised for general corporate purposes.

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