Investors subscribe Western Carriers' IPO 79% times offer size on first day

The initial public offer of logistics company Western Carriers (India) Ltd got subscribed 79 per cent on the first day of subscription on Friday.

The Rs 493-crore initial share sale received bids for 1,64,59,269 shares against 2,08,68,467 shares on offer, as per NSE data.

The Retail Individual Investors (RIIs) part received 1.41 times subscription while the quota for non-institutional investors got subscribed 38 per cent.
 

Western Carriers (India) on Thursday said it has mobilised Rs 148 crore from anchor investors.
 

The Kolkata-based company's initial public offering (IPO) is available for subscription in the price range of Rs 163 to Rs 172 per share.
 

The IPO has a fresh issue of equity shares, aggregating up to Rs 400 crore and an offer for sale (OFS) of up to 54 lakh equity shares worth Rs 93 crore, at the upper end of the price band by promoter Rajendra Sethia.
 

Proceeds from the fresh issue to the tune of Rs 163.5 crore will be used for debt payment, Rs 152 crore for funding capital expenditure requirements towards the purchase of commercial vehicles, shipping containers, and reach stackers, and the remaining funds towards general corporate purposes.
 

Western Carriers is India's leading private, multi-modal, rail-focused, asset-light logistics company, with a customer base of 1,647 across varied sectors like metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024.
 

Some of its key customers are Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals and Gujarat Heavy Chemicals, among others.
 

JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the offer.

The equity shares are proposed to be listed on the BSE and NSE.