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  1. Wise Travel India IPO gets 163 times bidding: Check subscription status

Wise Travel India IPO gets 163 times bidding: Check subscription status

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3 min read • Updated: February 15, 2024, 11:55 AM

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The WTI Cabs IPO was in huge demand as the QIBs segment was subscribed 106.69 times while NIIs portion received bidding for 375.56 times the quota reserved for them. The retail portion of the public issue was subscribed 108.76 times.

IPO of Wise Travel India receives strong subscription

Wise Travel India Limited's (WTI cabs) initial public offer (IPO) was subscribed 163.46 times on the third and final day of bidding on Wednesday, February 14.

Investors submitted bids for 69,12,06,000 shares compared to 46,56,000 shares on offer. Those who have participated in the bidding for the WTI Cabs IPO can check the allotment status online through the official website of the registrar.

The Wise Travel India Limited's public issue has received an overwhelming response across segments. While the portion reserved for qualified institutional buyers (QIBs) was subscribed 106.69 times, non-institutional buyers bid 375.56 times the quota reserved for them. The retail portion of the public issue was subscribed 108.76 times.

The Wise Travel India Limited IPO share allotment is set to be finalised on February 15, following which the credit in the demat account will be initiated on February 16. Wise Travel India Limited IPO shares are set to be listed on the NSE and BSE on February 19. The proceeds from the IPO will be used by the company to meet its working capital requirement and general corporate purposes.

Wise Travel India Limited IPO issue size, price band and lot size

Wise Travel India IPO consists of fresh issue only, aggregating to 64,41,000 equity shares, which at the upper price band translates to ₹94.68 crore. Of these, 17,85,000 Equity Shares anchor allocation portion. The company has set a price in the range of ₹140 to ₹147 with a face value of ₹10 per piece.

Wise Travel Limited's promoters Ashok Vashist, Hema Bisht, and Vivek Laroia who presently hold 95.63% of the company will be diluting their stake to 69.76%.

Retail investors were allowed to bid for a minimum of 1000 shares amounting to ₹1,47,000, and in multiples thereof. The maximum subscription for Wise Travel India Limited's IPO was capped at ₹2 lakh whereas, for eligible employees, this ceiling was ₹5 lakh. The minimum lot size investment for High Net worth Individuals is 2 lots (2,000 shares) amounting to ₹2,94,000.

The company has appointed Beetal Financial and Computer Services (P) Limited as the registrar for the public issue. Share India Capital Services Private Limited is the book-running manager for Wise Travel India Limited's IPO.

About Wise Travel Limited

Wise Travel India Limited offers transport services, car rental and other allied services. The company’s services are mainly focused on corporate customers and bulk booking. Its services are available in major tier 1 and tier two cities including Delhi-NCR, Mumbai, Chandigarh, Pune, Hyderabad, Bengaluru, Chennai, Ahmedabad, Guwahati, Jaipur, and Kolkata.

It owns and operates a fleet of 8,000 vehicles including various models such as Innova Crysta, MG Hector, Mercedes Benz, Tempo Traveler, and others.

Wise Travel India Limited generates nearly 85% of its business from the business-to-business (B2B) segment whereas the remaining 15% comes from individual customers. The company had 784 employees on its payroll as per the data available till October 31, 2023.

The company’s clientele includes companies like Nokia, Coca-Cola, Hitachi, Sapient, Indi-Grid, Amazon, Microsoft, Tesco, Vedanta, Indigo Airlines, American Express, Renault, LinkedIn and Panasonic.

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