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Western Carriers (India) Ltd, a leading logistics company, witnessed a strong response to its initial public offering (IPO) on its first day of subscription. The IPO, which aimed to raise Rs 493 crore, garnered a subscription of 79%, indicating a positive sentiment among investors. The retail individual investors (RIIs) portion of the IPO was oversubscribed by 1.41 times, while the non-institutional investors' quota received a 38% subscription. This strong demand demonstrates the confidence investors have in the company's growth prospects.
The Kolkata-based company had previously raised Rs 148 crore from anchor investors, further highlighting the attractiveness of its IPO. The IPO offers shares in a price range of Rs 163 to Rs 172 per share, with the total issue comprising a fresh issue of equity shares worth 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 are earmarked for various purposes, including debt repayment (Rs 163.5 crore), funding capital expenditure requirements (Rs 152 crore), and general corporate purposes.
Western Carriers distinguishes itself as India's leading private, multi-modal, rail-focused, asset-light logistics company. Its customer base spans 1,647 clients across diverse sectors, including metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities. The company boasts an impressive client roster, with notable names like Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals, and Gujarat Heavy Chemicals. With its strong track record, wide customer base, and strategic focus on rail-focused logistics, Western Carriers appears well-positioned to capitalize on the growing demand for efficient and reliable logistics solutions in India.
Source: Logistics firm Western Carriers IPO subscribed 79 pc on first day of offer