Western Carriers makes NSE debut at Rs 171, down 0.58% from issue price
The company's initial public offering (IPO), valued at Rs 492.88 crore, was open for subscription between September 13 and September 19, 2024. The price band was set at Rs 163-172 per share. The IPO garnered significant interest, with an overall subscription rate of 31.69 times. It received bids for 63.57 crore shares, far exceeding the 2 crore shares on offer.
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FollowWestern Carriers (India) Limited, a leading logistics provider, made its stock market debut on Tuesday (September 24), listing at Rs 171 per share on the NSE, a slight discount of 0.5% from its IPO price of Rs 172. On the BSE, the stock opened at Rs 170, marking a 1.16% discount. Despite the modest opening, the IPO had seen strong investor demand during its subscription phase.
The company's initial public offering (IPO), valued at Rs 492.88 crore, was open for subscription between September 13 and September 19, 2024. The price band was set at Rs 163-172 per share. The IPO garnered significant interest, with an overall subscription rate of 31.69 times. It received bids for 63.57 crore shares, far exceeding the 2 crore shares on offer. Retail investors showed strong enthusiasm, with their segment subscribed 26.92 times. The Non-Institutional Investors (NII) category was subscribed 46.68 times, while Qualified Institutional Buyers (QIBs) subscribed 28.81 times.
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The IPO was a mix of a fresh issue and an offer for sale. The fresh issue comprised 2.33 crore shares, raising Rs 400 crore, while the offer for sale included 0.54 crore shares, totaling Rs 92.88 crore. Retail investors could apply for a minimum of 87 shares, requiring an investment of Rs 14,964.
The company plans to use the net proceeds from the fresh issue to reduce its outstanding borrowings and fund capital expenditures. These expenses include the purchase of commercial vehicles, specialised containers, and reach stackers. A portion of the funds will also be allocated for general corporate purposes.
Founded in March 2011, Western Carriers (India) is a multi-modal, rail-centric, asset-light logistics provider offering customisable solutions across road, rail, water, and air transport. The company serves various sectors such as metals, FMCG, pharmaceuticals, chemicals, engineering, oil and gas, and retail. Notable clients include Tata Steel, Hindalco, JSW Steel, HUL, and Cipla.
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Western Carriers also provides international chartering services, stevedoring at Indian ports, and coastal cargo movement. The company leverages its asset-light model to manage supply chains for major importers and exporters. In the fiscal year ending March 2024, Western Carriers reported a 3% revenue growth and a 12% rise in profit after tax (PAT).
JM Financial Limited and Kotak Mahindra Capital Company Limited acted as lead managers for the IPO, with Link Intime India Private Ltd serving as the registrar.
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