Logistics company Western Carriers (India) Ltd on Tuesday said it has fixed a price band of Rs 163 -172 per share for its Rs 493-crore initial public offering (IPO).
The Kolkata-based company’s initial share sale will be available for public subscription from September 13 to September 18 and the bidding for anchor investors will open for a day on September 12, the company announced.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of up to 54 lakh equity shares worth Rs 93 crore, at the upper end of the price band, by promoter Rajendra Sethia.
Proceeds from the fresh issue to the tune of Rs 163.5 crore will be used for debt payment, Rs 152 crore for funding capital expenditure requirements towards the purchase of commercial vehicles, shipping containers; and reach stackers, and the remaining funds towards general corporate purposes.
The company said investors can bid for a minimum of 87 equity shares and in multiples thereof.
Western Carriers is India’s leading private, multi-modal, rail-focused, asset-light logistics company, with a customer base of 1,647 across sectors such as metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024.
Some of its key customers are Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals, MCPI, Gujarat Heavy Chemicals, BCPL, and DHL, among others.
As of fiscal 2024, the company’s revenue from operations was Rs 1,685 crore, with a profit after tax (PAT) of Rs 80 crore.
JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.
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