Western Carriers IPO gets subscribed 4.83 times on Day 2 of subscription

New Delhi, The initial public offer of logistics company Western Carriers Ltd garnered 4.83 times subscription on the second day of share sale on Monday.
The ₹493-crore initial share sale got bids for 10,08,87,375 shares against 2,08,68,467 shares on offer, as per NSE data.
The Retail Individual Investors part received 7.32 times subscription while the non-institutional investors quota got subscribed 5.35 times. The category for Qualified Institutional Buyers received 3 per cent subscription.
Western Carriers on Thursday said it has mobilised ₹148 crore from anchor investors.
The Kolkata-based company’s initial public offering is available for subscription in the price range of ₹163-172 per share.
The IPO has a fresh issue of equity shares, aggregating up to ₹400 crore and an offer for sale of up to 54 lakh equity shares worth ₹93 crore, at the upper end of the price band by promoter Rajendra Sethia.
Proceeds from the fresh issue to the tune of ₹163.5 crore will be used for debt payment, ₹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, multi-modal, 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.
This article was generated from an automated news agency feed without modifications to text.