• Source:JND
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Western Carriers IPO Subscription status:  The initial public offering (IPO) of logistics company Western Carriers (India) Ltd on Friday received a subscription of 79 percent on the first day of bidding. The initial share sale of Rs 493 crore received bids for 1,64,59,269 shares against 2,08,68,467 shares on offer, as per NSE data. The retail individual investor (RII) segment was subscribed 1.41 times while the quota of non-institutional investors was subscribed 38 percent.

Western Carrier (India) has raised Rs 148 crore from anchor investors, it said on Thursday. The Kolkata-based company's IPO is available for subscription in the price range of Rs 163-172 per share. The upper end of promoter Rajendra Sethia's price band in the IPO is a fresh issue of up to Rs 400 crore of equity shares and an offer for sale (OFS) of 5.4 million equity shares worth Rs 93 crore.

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The proceeds of Rs 163.5 crore from the fresh issue will be used for debt repayment, Rs 152 crore for capital expenditure requirements towards the purchase of commercial vehicles, shipping containers, and reach stackers, and the balance towards general corporate purposes.

Western Carrier is India's leading private, multi-modal, rail-focused, asset-light logistics company, with a customer base of 2024 across sectors such as metals & mining, FMCG, pharmaceuticals, construction materials, chemicals, oil & gas, and utilities As of March.

Some of its key customers include Tata Steel, Coca-Cola India, Vedanta, Balco, HUL, Hindalco Industries,  Wagh Bakri, Chipla, Tata Consumer Products, Haldia Petrochemicals, and Gujarat Heavy Chemicals among others. JM Financial and Kotak Mahindra Capital Co. are the lead managers running the books of the offering. The equity shares are proposed to be listed on BSE and NSE.

Western Carriers IPO GMP

Western Carriers IPO's shares are doing well in grey market. According to investorgain.com, the shares were trading at Rs 229, with a premium of Rs 57 against the IPO's price band. The company has set a price band of 172.

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(With PTI's Input)

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