- The initial share-sale will be available for public subscription from Friday, September 13 to Wednesday, September 18
- The allocation to anchor investors is scheduled to take place on Thursday, September 12
- Bids can be made for a minimum of 87 equity shares and in multiples of 87 shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, SEPT 11
Logistics firm Western Carriers (India) Ltd. has on Wednesday announced to open its initial public offering (IPO) of equity shares on Friday, September 13, in the price band of ₹163 to ₹172 per share. The IPO will close on September 18. The allocation to anchor investors for the Western Carriers (India) IPO is scheduled to take place on Thursday, September 12.
Bids can be made for a minimum of 87 equity shares and in multiples of 87 shares thereafter.
The firm based in Kolkata is planning to issue a total of ₹492.88 crore worth of shares, including a fresh issue of ₹400 crore and offer for sale of up to 5.4 million shares by the promoter Rajendra Sethia. At the upper price band, the offer for sale will amount to ₹92.88 crore.
The company proposes to utilise net proceeds from the fresh issue towards prepayment or scheduled re-payment of a portion of certain outstanding borrowings up to ₹ 163.5 crore, funding of capital expenditure requirements of towards purchase of commercial vehicles, 40 feet specialised containers and 20 feet normal shipping containers and reach stackers amounting up to ₹ 151.7 crore, and the balance towards general corporate purposes.
Western Carriers (India) IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
The largest private, multi-modal, rail focused, 4PL asset-light logistics company in India based on container volumes handled/operated by private players in fiscal 2023 is the company. According to the ILattice Report, the company’s market share in the domestic and EXIM markets, based on container volumes handled, was 6% and 2%, respectively, in fiscal 2023.
The company’s promoters are Rajendra and Kanishka Sethia.
Western Carriers is India’s leading private, multi-modal, rail-focused, asset-light logistics company, with a customer base of 1,647 across sectors such as metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024.
Tata Steel, Hindalco Industries, Jindal Stainless, JSW Steel Coated Products, Bharat Aluminium Company Ltd., Vedanta, Hindustan Unilever Ltd., and several more companies are among its clients.
The company’s operational revenue was ₹1,685 crore as of fiscal 2024, and its net profit was ₹ 80 crore.
The equity shares will be listed on the BSE and National Stock Exchange (NSE).
JM Financial Limited and Kotak Mahindra Capital Company Limited is its book running lead managers, with Link Intime India Private Ltd serving as the registrar for the issue.
