Fri Sep 13 06:47:36 UTC 2024: ## Western Carriers (India) IPO Opens for Bidding: Logistics Provider Aims to Raise Rs 492.88 Crore

**Mumbai, India –** Western Carriers (India), a leading multimodal logistics solutions provider, has launched its initial public offering (IPO) today, Friday, September 13. The company is offering its shares in the price range of Rs 163-172 per share, with a minimum bid of 87 shares and multiples thereof. The bidding for the issue will close on Wednesday, September 18.

Founded in 2011, Western Carriers (India) specializes in rail-focused, 4PL asset-light logistics solutions. The company offers fully customizable services across road, rail, water, and air transportation, catering to sectors like metals, FMCG, pharmaceuticals, chemicals, engineering, oil and gas, and retail.

Through the IPO, Western Carriers (India) aims to raise a total of Rs 492.88 crore, with Rs 400 crore dedicated to fresh share sale and the remaining through offer-for-sale (OFS) of up to 54 lakh shares by promoter Rajendra Sethia. The net proceeds will be utilized towards debt repayment, funding capital expenditure, and general corporate purposes.

Ahead of the IPO, Western Carriers (India) successfully raised Rs 147.86 crore from 15 anchor investors, including prominent names like Citigroup Global Markets, Integrated Core Strategies, Societe General, Kotak Mutual Fund, and others.

The company’s strong clientele base includes leading names such as Tata Steel, Hindalco Industries, Jindal Stainless, JSW Steel, Hindustan Unilever, and more. Western Carriers (India) reported a net profit of Rs 80.35 crore with a revenue of Rs 1,691.41 crore for the year ended March 31, 2024. The company’s post-IPO market capitalization is estimated to be Rs 1753.63 crore.

Multiple brokerage firms have expressed positive sentiment towards the IPO, with most recommending a ‘Subscribe’ rating. Anand Rathi Research, SBI Securities, Swastika Investmart, StoxBox, Chola Securities, Marwadi Financial Services, Canara Bank Securities, and KR Choksey Research have all highlighted the company’s strong financial performance, asset-light model, strategic positioning, and attractive valuation, making it a compelling investment opportunity.

The IPO is being managed by JM Financial and Kotak Mahindra Capital Company, while Link Intime India is the registrar for the issue. Shares of Western Carriers (India) are expected to be listed on both BSE and NSE on Monday, September 23.

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