Tue Sep 17 16:46:48 UTC 2024: ## Western Carriers IPO Draws Strong Interest on Day 3, Subscription Exceeds 4.83 Times

**MUMBAI, INDIA – September 18, 2024** – Western Carriers, a leading logistics company in India, continues to see strong investor interest in its Initial Public Offering (IPO) on its third day. Since opening for public subscription on September 13, the IPO has attracted significant attention, solidifying its position as one of the most anticipated market events this year.

The company aims to raise Rs 493 crore through the IPO, offering its shares at a price band between Rs 163 and Rs 172 per share. This price band, considered reasonable by market analysts, has drawn in both retail and non-institutional investors, leading to a subscription level exceeding 4.83 times by the end of Day 2.

The Grey Market Premium (GMP) for Western Carriers currently stands at Rs 56, indicating a robust demand for the company’s shares in the unofficial market. This suggests a positive outlook and potential for listing gains, though investors are advised to consider this only as an indicative figure.

Western Carriers’ focus on multi-modal logistics solutions, particularly its rail-focused, asset-light model, has been a key driver of interest. The company has established a strong reputation serving some of India’s largest corporations, and investors are optimistic about the growth potential in the logistics sector.

The company plans to utilize the funds raised from the IPO for debt repayment, purchasing commercial vehicles and equipment, and general corporate purposes. This suggests a strategic focus on strengthening infrastructure and operational efficiency.

The subscription period for the IPO will close on September 19, with the allotment date set for September 20. Shares are expected to be listed on BSE and NSE on September 23.

While the high subscription levels are encouraging, investors are reminded to conduct thorough research and consider their risk appetite before making any investment decisions. The IPO’s success will ultimately depend on the company’s ability to deliver on its growth strategy and maintain its strong position within the Indian logistics market.

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