Fri Sep 13 07:47:27 UTC 2024: ## Western Carriers (India) IPO Opens for Subscription, Aims to Raise Rs 492.88 Crore

**Mumbai, September 13, 2024:** Western Carriers (India) Limited, a leading player in the logistics and transportation sector, has opened its initial public offering (IPO) for subscription today. The book-built issue aims to raise a total of Rs 492.88 crore, comprising a fresh issue of Rs 400 crore and an offer for sale of Rs 92.88 crore.

The IPO has already seen strong interest from anchor investors, with 15 entities subscribing to 85,96,743 equity shares at the upper price band of Rs 172 per share, raising Rs 148 crore. The public offering, which opened today, will remain open until Wednesday, September 18, 2024.

The price band for the IPO is set at Rs 163-172 per share, with a minimum application lot size of 87 shares. Retail investors are required to invest at least Rs 14,964.

While the IPO’s valuation is considered reasonable, the company faces challenges such as a long payment cycle and operational risks. Swastika Investmart has issued a “may apply” rating for long-term investors with a high-risk tolerance, citing the company’s financial challenges and limited market interest.

However, several brokerage firms remain optimistic about the IPO. Marwadi Financial Services, Chola Securities, Canara Bank Securities, K R Choksey, BP Equities, and Ventura Securities have all recommended subscribing to the IPO, with Canara Bank Securities specifically recommending it for listing gains.

The Grey Market Premium (GMP) for the Western Carriers (India) IPO is currently at Rs 0, implying an estimated listing price of Rs 172. The allocation for the IPO is expected to be completed by Thursday, September 19, 2024, with the shares set to debut on the BSE and NSE on Monday, September 23, 2024.

Read More