Tue Sep 17 16:00:28 UTC 2024: ## Western Carriers IPO Subscribed Over 2 Times on Day Two

**Kolkata, India** – Western Carriers (India) IPO, a major logistics company, has garnered significant interest from investors, with the public offering being subscribed 2.67 times on Monday, the second day of bidding.

The IPO, which opened on September 12th and closes on September 18th, has a price band of ₹163 to ₹172 per share. Investors have bid for 5,57,20,194 shares against the 2,08,68,467 shares on offer.

The retail individual investors (RIIs) category saw the highest subscription, with 4.27 times the shares offered. The non-institutional investors (NIIs) category received 2.43 times the subscription, while the qualified institutional buyers (QIBs) category saw only 1% subscription.

Prior to the IPO, Western Carriers (India) successfully raised ₹148 crore through an anchor round. The ₹492.8 crore IPO includes a fresh issue of equity shares up to ₹400 crore and an offer for sale (OFS) of 54 lakh shares worth ₹93 crore by promoter Rajendra Sethia. The funds raised will be utilized for debt repayment, capital expenditure, and general corporate purposes.

Western Carriers, headquartered in Kolkata, is a leading private, multimodal, rail-focused, asset-light logistics company in India. As of March 2024, it served a customer base of 1,647 across various sectors, including metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities. Some of its key customers include Vedanta, Tata Steel, Hindalco Industries, BALCO, Coca-Cola India, HUL, Tata Consumer Products, Cipla, Wagh Bakri, Gujarat Heavy Chemicals, and Haldia Petrochemicals.

The company’s equity shares are proposed to be listed on the BSE and NSE.

**Disclaimer:** Investment in securities markets are subject to market risks. Read all the related documents carefully before investing.

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