Fri Sep 13 06:47:37 UTC 2024: ## Western Carriers India IPO Opens with Moderate Interest
**Kolkata, India -** Western Carriers (India) Ltd, a leading private, multi-modal logistics company, launched its Rs 492.88 crore initial public offering (IPO) on Friday, September 13th. The IPO, which is open for subscription until September 18th, has been met with moderate interest so far.
The price band for the IPO has been set at Rs 163 to Rs 172 per share. As of the first day of bidding, the IPO received a 0.24 times subscription, indicating a slower start than expected.
While analysts are positive about the company’s long-term prospects, some cautionary notes have been raised regarding Western Carriers’ slow but consistent growth, long payment cycle, and exposure to operational risks. Despite these concerns, several brokerage firms, including Anand Rathi and StoxBox, have given a “subscribe” rating, citing the company’s strong financials and strategic positioning within the expanding multi-modal transportation sector.
On Thursday, the company raised Rs 148 crore from anchor investors, including prominent names like Aditya Birla Sun Life Insurance and Kotak Mahindra Life Insurance.
Western Carriers, which specializes in rail-focused logistics, holds a significant position within India’s asset-light logistics sector. The company’s revenue for fiscal 2024 reached Rs 1,685 crore, with a profit after tax of Rs 80 crore.
The company plans to utilize the proceeds from the fresh issue for debt repayment, capital expenditure, and general corporate purposes.
The Western Carriers India IPO is being managed by JM Financial and Kotak Mahindra Capital Company. The equity shares are expected to be listed on both BSE and NSE on September 23rd.
First Piper 