Western Carriers (India) IPO Day 1: Issue subscribed 70% so far, check key dates and more

Western Carriers (India) IPO has received 0.70 times the subscription so far on Friday, the first day of bidding. The initial public offering has set a price range of ₹163 to ₹172 per share and will conclude on September 18.

The portion for retail investors was subscribed 1.27 times, while the quota for non-institutional investors has been booked 27%.

The ₹492.88 crore IPO is a mix of a fresh issue of equity shares worth ₹400 crore and an offer for sale (OFS) component of up to 54 lakh shares worth ₹93 crore by promoter Rajendra Sethia.

The fresh issue proceeds will be utilised to repay debt, to fund capital requirements for the purchase of commercial vehicles, reach stackers and shipping containers, and general corporate purposes.

On Thursday, the company raised ₹148 crore in the anchor round from investors such as Kotak Mahindra Life Insurance Company, Aditya Birla Sun Life Insurance Company, Motilal Oswal Mutual Fund (MF), Aditya Birla Sun Life MF, Kotak MF, Nippon India MF, Societe Generale, BNP Paribas, and Citigroup Global Markets Mauritius.

The company has allotted 85.97 lakh shares to 15 funds at ₹172 a unit, the upper end of the price band, taking the transaction size to ₹148 crore.

Investors can apply for at least 87 shares and in multiples after that.

Western Carriers IPO: Key dates

• Bidding period: September 13 to September 18
• Allotment finalisation: September 19
• Refund initiation: September 20
• Demat transfer: September 20
• Listing: September 23

About Western Carriers

Its key customers include Tata Consumer Products, Hindalco Industries, Tata Steel, Vedanta, HUL, Coca-Cola India, BALCO, Wagh Bakri, Haldia Petrochemicals, Cipla and Gujarat Heavy Chemicals.

Western Carriers IPO: Financials

Kotak Mahindra Capital Company and JM Financial are the IPO's book-running lead managers, while Link Intime India Pvt Ltd is the registrar.