The initial public offering of Western Carriers (India) Ltd. was subscribed 9.43 times on the third day of subscription on Tuesday, led by demand from retail investors. The offering was subscribed 4.84 times on its second day on Monday, and 0.85 times on Friday, its first day of bidding.
The company is looking to mop up Rs 492.9 crore. The IPO consists of a fresh issue of Rs 400 crore and an offer for sale of shares worth Rs 92.9 crore.
The price band has been set at Rs 163–172 per share for the issue, which will close on Sept. 18. The market value of the company at the upper end of the price band is Rs 1,754 crore. The listing is expected to take place on Sept. 23.
It raised Rs 147.9 crore from anchor investors a day ahead of its IPO. The company allotted approximately 86 lakh shares at Rs 172 apiece to 15 anchor investors.
Issue Details
Issue opens: Sept. 13.
Issue closes: Sept. 18.
Issue price: Rs 163–172 per share.
Fresh issue: Rs 400 crore.
Offer for sale: Rs 92.9 crore.
Total issue size: Rs 492.9 crore.
Business
WCIL is a multi-modal, rail-focused, 4PL asset-light logistics company. It offers fully customisable, multi-modal logistics solutions encompassing road, rail, water, and air transportation and a tailored range of value-added services.
The company has long-standing relationships with customers across varied sectors such as metals, fast-moving consumer goods, pharmaceuticals, chemicals, engineering, oil and gas, and retail.
WCIL provides chartering services to overseas destinations, stevedoring services at Indian ports, and coastal movement of cargo within India. It specialises in combining rail with road movements through an asset-light business model.
Western Carriers IPO Subscription Status Day 3
The IPO was subscribed 9.43 times as of 5 p.m. on Tuesday.
Institutional investors: 0.09 or 9%.
Non-institutional investors: 12.74 times.
Retail investors: 13.26 times.
Western Carriers GMP Today
The grey market premium of Western Carriers was Rs 56 as of 3:32 p.m. on Tuesday, implying a 32.56% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 228 per share.
GMP is not an official price quote for the stock and is based on speculation.
Watch The IPO Adda Here
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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