Tue Sep 17 05:53:31 UTC 2024: ## Western Carriers India IPO Sees Muted Investor Response on Day 2

**Mumbai, September 18, 2023:** Despite a strong initial response, Western Carriers India’s initial public offering (IPO) saw a muted response from investors on its second day of bidding.

While the IPO received nearly 79% subscription on Friday, the overall subscription rate remained below expectations on Monday. Investors placed bids for 7,36,68,381 equity shares, against 2,08,68,467 shares on offer.

Retail investors remain enthusiastic, having already subscribed 5.62 times the allotted portion. Non-institutional investors (NIIs) also show strong interest, bidding 3.28 times the issue. However, the portion reserved for qualified institutional bidders (QIBs) received only 1% subscription, indicating lukewarm interest from this category.

The IPO, which aims to raise Rs 492.88 crore, comprises a fresh issue of Rs 400 crore and an offer-for-sale (OFS) of up to 54 lakh equity shares. The issue price is set between Rs 163-172 apiece.

Western Carriers, established in 2011, is a rail-focused asset-light logistics firm. The company’s grey market premium remains stable near 33-35%, suggesting potential for investor gains. The firm has already secured Rs 147.86 crore from 15 anchor investors prior to the IPO.

Western Carriers India is set to make its stock market debut on September 23, listing on both the BSE and NSE. The company reported a net profit of Rs 80.35 crore for the fiscal year 2023-24, while revenue touched Rs 1,691.41 crore.

The IPO will conclude on Wednesday, September 18.

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