Fri Sep 13 16:58:16 UTC 2024: ## Western Carriers India IPO Opens to Tepid Response on Day 1
**Kolkata, September 13, 2024:** The initial public offering (IPO) of Western Carriers Ltd., a leading multimodal logistics company, received a lukewarm response from investors on its first day of subscription. According to BSE data, the IPO, which opened today and will close on September 18, was subscribed only 79% on Friday. While the retail portion was fully booked, the Qualified Institutional Buyers (QIB) portion remained unsubscribed.
The IPO, seeking to raise ₹492.88 crore, comprises a fresh issue of 2.33 crore shares and an offer for sale (OFS) of 54 lakh shares. The company plans to use the proceeds for debt repayment and capital expenditure, including purchasing commercial vehicles and shipping containers.
The IPO was priced at ₹163 to ₹172 per share, with a minimum investment of ₹14,964 for retail investors. Ahead of the IPO, the company secured ₹148 crore from anchor investors, including prominent names like Kotak Mahindra and Motilal Oswal.
Despite the tepid response on the first day, analysts remain optimistic about the company’s future prospects. Western Carriers India is the largest private, multimodal, rail-focused, 4PL asset-light logistics company in India, holding a significant market share in both domestic and EXIM markets. The company boasts a diverse clientele, including prominent names like Tata Steel, Hindalco Industries, and Hindustan Unilever Ltd.
While the IPO’s grey market premium (GMP) currently stands at ₹57, indicating investor enthusiasm for the listing, the final outcome of the IPO will depend on investor sentiment in the coming days. The basis of allotment is expected to be finalized on September 19, with refunds commencing on September 20. Western Carriers India shares are likely to be listed on BSE and NSE on September 23.
First Piper 