The Western Carriers India IPO has been receiving a positive response from investors, with the logistics company’s public offering being subscribed 13.89 times by the end of the fourth day. The IPO has attracted bids for 28.98 crore shares, while only 2.08 crore shares are available for sale. Investors still have a chance to participate in this IPO, as the subscription window remains open until September 19. The company has set the price band between Rs 163-172 per share and aims to raise Rs 492.88 crore through this IPO.
Western Carriers India IPO Subscription Details
- Qualified Institutional Buyers (QIBs): 0.14 times
- Non-Institutional Investors (NIIs): 20.93 times
- Retail Investors: 18.61 times
- Overall Subscription: 13.89 times
(Data as of September 18, 2024, 5:00 PM)
IPO Breakdown: Fresh Shares and OFS
Western Carriers India, based out of Kolkata, plans to issue 2.32 crore fresh equity shares, which will raise Rs 400 crore. Additionally, 54 lakh equity shares worth Rs 92.88 crore will be sold through an offer for sale (OFS). The primary promoter involved in this OFS is Rajendra Sethia, who will offload his stake.
The proceeds from the IPO will be used to pay down debt, with Rs 163.50 crore allocated for this purpose. Moreover, a capital expenditure of Rs 151.71 crore is planned. The company’s total outstanding debt as of July 2024 stood at Rs 352.72 crore.
Western Carriers India: A Leading Player in Logistics
Western Carriers India is recognized as India’s largest private multi-modal logistics company, specializing in rail-focused, asset-light 4PL solutions. It holds a 6% market share in domestic logistics and 2% in the EXIM segment, operating with significant expertise across road, rail, and sea/river multi-modal transport systems. The company focuses on both domestic and EXIM cargo, offering end-to-end logistics solutions with a scalable and asset-light model.
Western Carriers India provides customized logistics solutions, including 3PL and 4PL services, aimed at meeting complex supply chain needs with added value services. This unique combination has helped it gain a strong foothold in the logistics sector.
Financial Performance and Major Clients
In the financial year 2024, Western Carriers India recorded a revenue of Rs 1685.77 crore, up from Rs 1633.06 crore in the previous year. The company’s net profit also increased to Rs 80.35 crore from Rs 71.57 crore in FY23.
Some of the major clients of Western Carriers India include Tata Steel, Hindalco Industries, Vedanta, Balco, HUL, Coca-Cola India, and Tata Consumer Products. The company has built a strong client base with top brands across industries. The book-running lead managers for this IPO are JM Financial and Kotak Mahindra Capital Company.
Investors are eagerly watching the final day of the IPO subscription to see how it performs in its last stretch.
