Western Carriers IPO Day 2: Issue subscribed 2.67 times so far, check financials and key details

Western Carriers (India) IPO has been subscried 2.67 times so far on Monday, the second day of bidding. The initial public offering received bis for 5,57,20,194 shares against 2,08,68,467 shares on offer.

The section set aside for retail individual investors (RIIs) was subscribed the most, receiving 4.27 times the subscription. The non-institutional investors (NIIs) category received 2.43 times the subscription. The part for qualified institutional buyers was subscribed just 1%.

Prior to the IPO, Western Carriers (India) had raised ₹148 crore in the anchor round.

The Kolkata-based company's IPO, which is open from September 12 to September 18, has set a price band of ₹163 to ₹172 per share.

The ₹492.8 crore IPO is a fresh issue of equity shares up to ₹400 crore and an offer for sale (OFS) of 54 lakh shares worth ₹93 crore by promoter Rajendra Sethia.

The funds raised will be used for debt payment, capital expenditure requirements, and general corporate purposes.

JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the offer.

Western Carriers IPO: About the company

Western Carriers is India's leading private, multimodal, rail-focused, asset-light logistics company. As of March 2024, it had a customer base of 1,647 across varied sectors, including metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities.

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

Western Carriers IPO: Financials

The equity shares are proposed to be listed on the BSE and NSE.