Western Carriers (India) Ltd to Launch IPO on September 13

Western Carriers (India) Ltd, a leading logistics company, will launch its IPO on September 13. The IPO comprises a fresh equity issue worth Rs 500 crore and an Offer For Sale by promoter Rajendra Sethia. Proceeds will be used for debt repayment, capital expenditures, and general corporate purposes.

Logistics company Western Carriers (India) Ltd is set to launch its initial share sale for public subscription on September 13.

The Kolkata-based company's initial public offering (IPO) will conclude on September 18, with the bidding for anchor investors opening for a day on September 12, according to the Red Herring Prospectus (RHP).

The IPO comprises a fresh issue of equity shares aggregating up to Rs 500 crore and an Offer For Sale (OFS) of up to 54 lakh equity shares by promoter Rajendra Sethia. Proceeds from the fresh issue amounting to Rs 163.5 crore will be allocated for debt payment, Rs 152 crore for capital expenditure requirements including the purchase of commercial vehicles, shipping containers, and reach stackers, while the remaining funds will go towards general corporate purposes.

Western Carriers is India's leading private, multi-modal, rail-focused, asset-light logistics company, boasting a customer base of 1,647 across sectors such as metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024. Some of its key customers include Tata Steel, Hindalco Industries, and HUL among others.

As of fiscal 2024, the company reported revenue from operations of Rs 1,685 crore, with a profit after tax (PAT) of Rs 80 crore. JM Financial and Kotak Mahindra Capital Company are the book-running lead managers for the issue. The equity shares are proposed to be listed on the BSE and NSE.

(With inputs from agencies.)