Fri Sep 13 11:47:24 UTC 2024: ## Kolkata-Based Logistics Firm Western Carriers Launches IPO

**Kolkata, India -** Western Carriers (India) Ltd., a Kolkata-based logistics company, has launched its initial public offering (IPO) today, September 13th. The IPO, which will remain open for subscription until September 18th, seeks to raise Rs 492.88 crore.

The company has set the IPO price range between Rs 163 and Rs 172 per share, with a potential post-listing market capitalization of Rs 1,754 crore at the upper end of the band. Interestingly, the grey market premium (GMP) for Western Carriers remains at nil, indicating no significant pre-listing trading activity.

The IPO comprises a fresh issue of equity shares worth Rs 400 crore and an Offer For Sale (OFS) of up to 54 lakh shares valued at Rs 92.88 crore by promoter Rajendra Sethia. Retail investors can bid for a minimum lot size of 87 shares, with 35% of the IPO reserved for them. The remaining allocation is set for Qualified Institutional Bidders (QIB) at 50% and non-institutional investors at 15%.

The proceeds from the fresh issue will be used to repay borrowings, fund capital expenditures for new vehicles and equipment, and for general corporate purposes.

Established in 2011, Western Carriers serves major clients including Tata Steel, Hindalco Industries, Vedanta, HUL, Coca-Cola India, and DHL. The company’s revenue grew by 3%, while profit after tax (PAT) increased by 12% between FY23 and FY24.

JM Financial and Kotak Mahindra Capital are the Book Running Lead Managers, and Link Intime India is the registrar for the IPO. The allotment is expected to be finalized on September 19th, with a tentative listing date of September 23rd, 2024, on the BSE and NSE.

Read More