Western Carriers IPO Oversubscribed 30.46 Times

New Delhi, Sep 19 (PTI) The initial public offer of logistics company Western Carriers (India) Ltd garnered 30.46 times subscription on the final day of bidding on Thursday.

The Rs 493-crore initial share sale got bids for 63,57,12,654 shares, as against 2,08,68,467 shares on offer, as per NSE data.

The non-institutional investors part fetched 44.67 times subscription, while the quota for Qualified Institutional Buyers (QIBs) got subscribed 27.99 times. Retail Individual Investors (RIIs) part received 25.77 times subscription.

Last Thursday, Western Carriers (India) said it has mobilised Rs 148 crore from anchor investors.

The Kolkata-based company's initial public offering (IPO) is in the price range of Rs 163-172 per share.

The IPO 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, at the upper-end of the price band 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 the purchase of commercial vehicles, shipping containers, and reach stackers, and the remaining funds towards general corporate purposes.

Western Carriers is India's leading private, multimodal, rail-focused, asset-light logistics company, with a customer base of 1,647 across varied sectors like 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 and Gujarat Heavy Chemicals, among others.

JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the offer. The equity shares are proposed to be listed on the BSE and NSE.