1. Wise Travel India IPO opens for subscription: Date, price band and lot size

Wise Travel India IPO opens for subscription: Date, price band and lot size

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3 min read • Updated: February 12, 2024, 5:46 PM

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Summary

The price band per equity share has been set at ₹140 to ₹147 per piece for the Wise Travel India Limited IPO. The retail investors can bid for a minimum 1,000 shares while the maximum investment amount has been capped at ₹2 lakh.

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Wise Travel India IPO opens for subscription

The bidding for Wise Travel India Limited (WTI cabs) initial public offering (IPO) opened on Monday, February 12. The retails investors can apply for shares of Wise Travel India Ltd IPO during the three-day subscription period that ends on February 14.

The company has set a price band of ₹140 to ₹147 per equity share with a face value of ₹10 each. Wise Travel India IPO comprises fresh issues only, aggregating to 64,41,000 equity shares, which at the upper price band translates to ₹94.68 crore. The IPO does not include any offer for sale (OFS) component.

WTI Cabs IPO minimum investment, lot size

Retail investors can apply for the IPO with a minimum of 1,000 equity shares amounting to ₹1,47,000 and in multiples thereof. The maximum subscription for Wise Travel India Ltd IPO is capped at ₹2 lakh whereas, for eligible employees, this ceiling is ₹5 lakh. The proceeds from the IPO will be used by the company to meet its working capital requirement and general corporate purposes. Wise Travel Limited has appointed Beetal Financial and Computer Services (P) Limited as the registrar for the IPO whereas Share India Capital Services Private Limited is the book-running lead manager.

Wise Travel India Limited IPO offer details

Of the total 64,41,000 shares on offer, 41,69,000 are reserved for qualified institutional buyers (QIBs) including 17,85,000 for anchor investors. The remaining 29,78,000 shares have been reserved for non-institutional investors, including 20,84,200 for retail individual investors.

Wise Travel India Limited's promoters Ashok Vashist, Hema Bisht, and Vivek Laroia presently hold 95.63% of the company. Following the IPO, the promoters' equity will be diluted to 69.76%.

Wise Travel India Limited IPO: Important dates

  • IPO Application Window: February 12 to February 14.
  • IPO share allotment date: February 15
  • Initiation of refund: February 16
  • Credit of allotted shares to demat account: February 16.
  • IPO listing date: February 19

Wise Travel India Ltd IPO subscription status

The public issue of Wise Travel Ltd opened to a good response from the buyers going oversubscribed on day one. The company has received bids for 71,37,000 shares as against 64,41,000 shares on offer.

About Wise Travel Limited

Incorporated in 2009, Wise Travel Limited is engaged in the business of offering transport services, car rental and other allied services. Its services are mainly focused on corporate customers and bulk booking. The company's 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.

The company generates nearly 85% of its business from the business-to-business (B2B) segment whereas the remaining 15% comes from individual customers.

Wise Travel India Ltd operates a fleet of more than 8,000 vehicles, including various models such as Innova Crysta, MG Hector, Mercedes Benz and Tempo Traveller.

Wise Travel India Limited's clientele includes companies like Nokia, Coca-Cola, Indi-Grid, Amazon, Microsoft, Tesco, Vedanta, Indigo Airlines, American Express, Renault, LinkedIn, Hitachi, Sapient, and Panasonic. Wise Travel Limited is eyeing at the international market and is expected to begin operations in Dubai soon. The company reportedly has acquired a car rental licence in Dubai.