Tue Sep 17 16:00:22 UTC 2024: ## Western Carriers India IPO Sees Mixed Response, Subscription Remains Below Expectations

**MUMBAI, INDIA – September 17, 2024:** The initial public offering (IPO) of Western Carriers India, a leading multimodal logistics company, has garnered a mixed response from investors during its second day of bidding.

Despite a strong start on Friday, the issue has struggled to attract substantial interest from investors. As of Monday afternoon, the IPO was subscribed only 79% overall, with retail investors showing the most interest at 5.62 times subscription. However, the portion reserved for qualified institutional bidders (QIBs) saw a dismal 1% subscription.

The IPO, which kicked off on September 13, aims to raise Rs 492.88 crore, including a fresh issue of Rs 400 crore and an offer-for-sale (OFS) of up to 54 lakh equity shares. Investors can apply for a minimum of 87 shares, and the bidding period concludes on Wednesday, September 18.

Despite the lackluster response, analysts remain generally optimistic about the company’s long-term prospects, citing its strong market share, robust return ratios, and asset-light business model. Western Carriers India is positioned to capitalize on the rapidly growing Indian logistics market by offering end-to-end solutions that include inventory planning, warehouse management, and customs clearance.

However, concerns about the IPO’s limited market interest and slow financial growth remain. The company’s grey market premium, which is an indication of expected listing gains, has remained stable at Rs 57-60 per share, suggesting a potential listing pop of over 33-35%.

While some analysts are recommending investors subscribe for long-term gains, the sluggish subscription rates could indicate potential hurdles for the company’s market debut on September 23, when shares are expected to be listed on both the BSE and NSE.

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