Tue Sep 17 06:00:19 UTC 2024: ## Western Carriers India IPO Sees Strong Demand, Grey Market Premium Doubles

**MUMBAI, INDIA – September 17, 2024** – The Initial Public Offering (IPO) of Western Carriers (India) Limited has seen strong investor interest in its first few days, with the IPO already subscribed 6.23 times by the third day of bidding. The public issue, which opened on September 13th and will close on September 19th, aims to raise ₹492.88 crore through a combination of fresh shares and an Offer for Sale (OFS).

The IPO has also witnessed a significant increase in its Grey Market Premium (GMP). The GMP, which represents the premium at which shares are being traded in the unofficial grey market, has doubled since the IPO opened, currently standing at ₹58. This surge in GMP indicates a strong bullish sentiment among investors, driven by the company’s strong financial performance and strategic positioning in the growing Indian logistics sector.

Analysts are optimistic about the IPO, citing Western Carriers’ impressive track record of delivering consistent profitability and its strategic investments in technology to meet evolving industry demands. Research analysts at Lakshimishree Investment and Securities Ltd. and StoxBox have both given the IPO a ‘subscribe’ rating, highlighting the attractive valuation and growth prospects.

The IPO is priced between ₹163 to ₹172 per equity share, with the allotment date expected on September 20th and the listing date on September 24th.

Investors are advised to conduct thorough due diligence and consider their individual risk tolerance before investing.

**Disclaimer:** The views and recommendations provided in this article are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.

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