The initial public offering (IPO) of logistics company Western Carriers (India) Ltd, which opened for public subscription on Friday, saw its third day of bidding on Tuesday.
The IPO of logistics company Western Carriers (India) garnered 4.83 times subscriptions on the second day of the share sale on Monday.
The Rs 493-crore initial share sale got bids for 10,08,87,375 shares against 2,08,68,467 shares on offer, as per NSE data.
Western Carriers India IPO: Key Dates
The closing date for the Western Carriers IPO has been revised due to the September 18, 2024 holiday.
The IPO will remain open for public subscription from September 13 to September 19. The share allotment for Western Carriers India IPO is expected to be finalised on September 19, with the shares likely to be listed on both BSE and NSE on September 23.
Western Carriers India IPO Price Band
The price band for the highly anticipated Rs 492.88 crore IPO has been set between Rs 163 and Rs 172 per share for the public offering.
Western Carriers India IPO Subscription Status
By the end of day 2 of bidding, the book build issue was subscribed 4.84 times. The retail portion of the public issue was booked 7.33 times, the NII segment was subscribed 5.36 times, and the QIB portion received bids amounting to 0.03 times.
The Retail Individual Investors (RIIs) part received 7.32 times subscription while the non-institutional investors quota subscribed 5.35 times. The category for Qualified Institutional Buyers (QIBs) received 3 per cent subscription.
Western Carriers India IPO GMP Today
The GMP (Grey Market Premium) for Western Carriers India IPO as of today, September 17, 2024, is Rs 56. This means that company shares are trading at a premium of Rs 56 in the grey market, which indicates strong investor interest.
Readers must note that GMP is an unofficial indicator and can fluctuate significantly. It is always advisable to conduct thorough research and consult with a financial advisor before making any investment decisions.
Western Carriers India IPO Allotment Date
The IPO allotment date for Western Carriers India is expected to be Friday, 20th September 2024. According to the ‘T+3’ listing rule, the likely IPO listing date will be Tuesday, 24th September 2024.
Western Carriers (India) on Thursday said it has mobilised Rs 148 crore from anchor investors.
The Kolkata-based company’s IPO is available for subscription in the price range of Rs 163-172 per share.
The IPO has a fresh issue of equity shares, aggregating up to Rs 400 crore and an offer for sale (OFS) of up to 54 lakh equity shares worth Rs 93 crore, at the upper end of the price band by promoter Rajendra Sethia.
Western Carriers India IPO Objective
Proceeds from the fresh issue to the tune of Rs 163.5 crore will be used for debt payment, Rs 152 crore for funding capital expenditure requirements towards the purchase of commercial vehicles, shipping containers, and reach stackers, and the remaining funds towards general corporate purposes.
Some of its key customers are Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals and Gujarat Heavy Chemicals, among others.
JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the offer.
The equity shares are proposed to be listed on the BSE and NSE.
Western Carriers is India’s leading private, multi-modal, rail-focused, asset-light logistics company, with a customer base of 1,647 across varied sectors like metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024.
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