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Shares of Western Carriers (India) made a sluggish debut on the bourses, listing at Rs 170 against the IPO issue price of Rs 172 on the BSE. This reflects a discount of around 1.16 per cent from the issue price.
Meanwhile, on the NSE, the Western Carriers shares listed at Rs 171, reflecting a discount of Rs 1 or 0.58 per cent a piece from the issue price of the IPO.
Investors who were allotted the Western Carriers shares during the IPO witnessed a slight loss of around 1 per cent a piece with the company’s market debut.
Ahead of the listing, Western Carriers (India) shares were commanding a premium of Rs 16 or 9.33 per cent in the grey market, indicating a subdued market debut for the company, as per the sources tracking grey market activities.
Western Carriers (India) IPO comprises a fresh issue of 23,255,813 shares and an offer for sale of 5,400,000 shares. The company fixed the price band of Rs 163-172, and lot size of 87 shares. Western Carriers (India) IPO opened for the public subscription on Friday, September 13, 2024, and concluded on Thursday, September 19, 2024.
The public issue received decent response from the investors, getting subscribed 30.57 times by the final day of subscription, led by Non-Institutional Investors who bid for 44.71 times, and Qualified Institutional Buyers (QIBs) for 27.99 times, while Retail Individual Investors (RIIs) bid for 25.95 times, as per the NSE data.
The company proposes to utilise the proceeds from the IPO for the prepayment or scheduled repayment of a portion of certain outstanding borrowings availed by the Company. In addition to this, Western Carriers will also use the proceeds for funding of capital expenditure requirements of our Company towards purchase of commercial vehicles; 40 feet specialised containers and 20 feet normal shipping containers, and reach stackers. The remaining amount shall be used for general corporate purposes.
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Western Carriers (India) is a multi-modal, rail-focused, 4PL asset-light logistics company. Incorporated in March 2011, the company offers fully customizable, multi-modal logistics solutions encompassing road, rail, water, and air transportation and a tailored range of value-added services. The company serves sectors such as metals, fast-moving consumer goods, pharmaceuticals, chemicals, engineering, oil and gas, and retail.
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