Western Carriers (India) Ltd IPO Sees Strong Demand, Subscribed 4.83 Times

The IPO of logistics company Western Carriers (India) Ltd was subscribed 4.83 times by the second day of its share sale. The Rs 493-crore offering saw high demand across all investor categories, with notable interest from Retail Individual Investors and non-institutional investors. The funds will be used for debt repayment, capital expenditures, and general purposes.

The initial public offering (IPO) of logistics giant Western Carriers (India) Ltd witnessed a strong demand, being subscribed 4.83 times as of the second day of share sale on Monday.

According to NSE data, the Rs 493-crore IPO received bids for 10,08,87,375 shares against the 2,08,68,467 shares on offer. Retail Individual Investors (RIIs) demonstrated significant interest, with subscriptions at 7.32 times the allotted quota, while the non-institutional investors' segment was subscribed 5.35 times. The segment for Qualified Institutional Buyers (QIBs) saw a 3% subscription rate.

Based in Kolkata, Western Carriers (India) Ltd announced a successful mobilization of Rs 148 crore from anchor investors. The IPO price range is set between Rs 163-172 per share and comprises 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 by promoter Rajendra Sethia.

The proceeds from the fresh issue will go towards debt repayment (Rs 163.5 crore), funding capital expenditures (Rs 152 crore), and general corporate purposes. Western Carriers, a leader in the multi-modal, rail-focused logistics sector, boasts a diverse client portfolio, including Tata Steel, Hindalco Industries, Vedanta, and Coca-Cola India. The equity shares are set to be listed on the BSE and NSE, with JM Financial and Kotak Mahindra Capital Company acting as the book-running lead managers for the offer.

(With inputs from agencies.)