Western Carriers' IPO Soars with 30.46 Times Subscription

The initial public offering (IPO) of Western Carriers (India) Ltd achieved substantial success, garnering 30.46 times subscription on its final bidding day. The logistics company's IPO consists of a fresh issue of equity shares and an offer-for-sale by the promoter, raising significant funds primarily for debt payment and capital expenditure.

The initial public offering (IPO) of logistics company Western Carriers (India) Ltd attracted significant investor interest, achieving 30.46 times subscription by the final day of bidding on Thursday.

As per NSE data, the Rs 493-crore IPO received bids for an astounding 63,57,12,654 shares against 2,08,68,467 shares on offer.

Subscription from non-institutional investors reached 44.67 times, while Qualified Institutional Buyers (QIBs) subscribed 27.99 times. Retail Individual Investors (RIIs) saw 25.77 times subscription. The Kolkata-based firm had already secured Rs 148 crore from anchor investors last Thursday.

Priced between Rs 163-172 per share, the IPO includes a fresh issue of equity shares worth up to Rs 400 crore and an offer-for-sale of up to 54 lakh equity shares, valued at Rs 93 crore by promoter Rajendra Sethia. Proceeds will be used for debt repayment, capital expenditure for purchasing commercial vehicles, shipping containers, and reach stackers, as well as general corporate purposes.

Western Carriers, a leading multimodal, rail-focused logistics company, boasts a diverse customer base spanning sectors like metals, FMCG, pharmaceuticals, and utilities. Key customers include Tata Steel, Hindalco Industries, and HUL, among others. JM Financial and Kotak Mahindra Capital Company are managing the offer, with the equity shares set for listing on the BSE and NSE.

(With inputs from agencies.)