Logistics Firm Western Carriers' IPO To Open On Sept. 13
The proposed public offering will close on Sept. 18. The bidding for anchor investors will open for a day on Sept. 12.
Western Carriers (India) Ltd., a logistics company, will open its initial share sale for public subscription on Sept. 13. The proposed public offering will close on Sept. 18, according to the red herring prospectus. The bidding for anchor investors will open for a day on Sept. 12.
The IPO of the Kolkata-based firm consists of a fresh issue of Rs 400 crore and an offer-for-sale of up to 54 lakh equity shares. The offer-for-sale consists of the sale of equity by Rajendra Sethia, the promoter of the company.
JM Financial and Kotak Mahindra Capital Co. are the book-running lead managers on the issue.
The equity shares are proposed to be listed on both the Bombay Stock Exchange and the National Stock Exchange.
The company will use proceeds worth Rs 163.5 crore for debt payment and Rs 152 crore towards funding capital expenditure requirements like the purchase of commercial vehicles, shipping containers, and reach stackers. The remaining funds will go towards general corporate purposes.
Western Carriers is a multi-modal, rail-focused, asset-light logistics company. It has a customer base of 1,647 across varied sectors such as metals and mining, FMCG, pharmaceuticals, building materials, chemicals, oil and gas, and utilities as of March 2024.
