Western Carriers' IPO Oversubscribed by 13.88 Times, Raises ₹148 Crore from Anchors

Western Carriers (India) Ltd's ₹493-crore IPO was oversubscribed 13.88 times. The offer received bids for nearly 29 crore shares against 2.08 crore on offer. The issue includes a fresh equity share issue of ₹400 crore and an offer for sale of shares worth ₹93 crore. Funds will be used primarily for debt repayment and capital expenditure.

Western Carriers (India) Ltd's much-anticipated ₹493-crore initial public offering (IPO) saw overwhelming demand, being oversubscribed by 13.88 times on Wednesday.

According to NSE data, the IPO received bids for an impressive 28,96,23,957 shares against the 2,08,68,467 shares on offer. Non-institutional investors led the charge with a 20.92 times subscription, while Retail Individual Investors (RIIs) followed closely with 18.60 times. Qualified Institutional Buyers (QIBs) secured 14% subscription.

Last Thursday, the Kolkata-based company raised ₹148 crore from anchor investors. This ₹163-172 per share IPO includes a fresh issue of ₹400 crore in equity shares and an offer-for-sale (OFS) of up to 54 lakh shares worth ₹93 crore, orchestrated by promoter Rajendra Sethia. Proceeds from the fresh issue are earmarked for debt repayment and funding capital expenditures including commercial vehicles, shipping containers, and reach stackers.

(With inputs from agencies.)