Western Carriers Shares Close At 7% Discount Over Issue Price
Western Carriers aims to utilise the IPO proceeds for repayment of borrowings and funding of capital-expenditure requirements.
Shares of Western Carriers (India) Ltd. closed on the BSE at Rs 159.45, a discount of 7.3% over the issue price of Rs 172 apiece, on Tuesday. The stock closed at Rs 159.40 per share on the National Stock Exchange, marking the same discount of 7.3%.
The shares had debuted on the BSE at Rs 170 at a discount of 1.16%, and at Rs 170.98 per share on the National Stock Exchange, marking a discount of 0.59%.
The initial public offering of Western Carriers was subscribed 30.57 times on its fifth and final day. The IPO consists of a fresh issue of Rs 400 crore and an offer for sale of shares worth Rs 92.9 crore.
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's domestic and export-import market share, based upon its container volumes handled, stood at 6% and 2% respectively in fiscal 2023.
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.
The company aims to use the IPO proceeds for prepayment or scheduled repayment of borrowings availed by the company, funding of capital-expenditure requirements towards purchase of commercial vehicles and shipping containers, and general corporate purposes.
