rediff.com

Western Carriers IPO Opens Sep 13: Logistics Firm Aims to Raise Rs 500 Crore

Share on:

By Rediff Money Desk, New Delhi   Sep 09, 2024 15:04

Western Carriers (India) Ltd will launch its IPO on September 13, aiming to raise up to Rs 500 crore. The Kolkata-based logistics company's IPO will conclude on September 18. The proceeds will be used for debt payment, capital expenditure, and general corporate purposes.
Western Carriers IPO Opens Sep 13: Logistics Firm Aims to Raise Rs 500 Crore
New Delhi, Sep 9 (PTI) 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 and the bidding for anchor investors will open 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 to the tune of Rs 163.5 crore will be used for debt payment, Rs 152 crore for funding capital expenditure requirements towards purchase of commercial vehicles, shipping containers; and reach stackers, and the remaining funds towards general corporate purposes.

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 such as metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024.

Some of its key customers are Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals, MCPI, Gujarat Heavy Chemicals, BCPL, and DHL, among others.

As of fiscal 2024, the company's revenue from operations was 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 to the issue. The equity shares are proposed to be listed on the BSE and NSE.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

TODAY'S MOST TRADED COMPANIES

  • Company Name
  • Price
  • Volume

More »

Moneywiz Live!