Western Carriers IPO Subscribed 85% On Day 1
The market value of the company at the upper end of the price band is Rs 1,754 crore.
(Source: Western Carriers India website)
The initial public offering of Western Carriers (India) Ltd. has been subscribed 0.85 times after it opened for bidding on Friday. 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 Overview
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 1
The IPO was subscribed 0.85 times or 85% on Friday.
Institutional investors: Nil.
Non-institutional investors: 0.40 times or 40%.
Retail investors: 1.54 times.
