Western Carriers India IPO Opens Today

13 Sep 2024 , 12:33 PM

Western Carriers (India) is launching its initial public offering (IPO) today, September 13. The issue aims to raise ₹492.88 Crore and will close on September 18.

The IPO has already raised ₹148 Crore from anchor investors by allocating 85,96,743 shares at the upper price band of ₹172. Notable anchor investors include Kotak Mahindra, Motilal Oswal, and Aditya Birla Sun Life.

As of 12:28 pm on the first day of subscription, the IPO was subscribed 0.36 times overall. The retail portion was 0.67 times subscribed, while the non-institutional investors’ category was 0.11 times subscribed. No subscriptions were recorded in the QIB segment.

The price band for the issue is set between ₹163 and ₹172 per share. The IPO includes a fresh issue of 2.33 Crore shares and an offer for sale (OFS) of 54 lakh shares.

The minimum application lot size is 87 shares. At the upper price band of ₹172, retail investors need to invest a minimum of ₹14,964.

The share allotment is expected to be finalized on September 19, with shares credited to demat accounts by September 20. Refunds for non-allottees will also be processed on September 20.

Link Intime India Private Ltd is the official registrar. The company’s shares are tentatively set to be listed on the BSE and NSE on September 23.

Proceeds from the IPO will be used to pay off borrowings and fund capital expenditures, including the acquisition of commercial vehicles, shipping containers, and reach stackers.