The IPO, priced between Rs 163 and Rs 172 per share, will close on September 18 and bids for anchor investors will be held later today.
The number consists of a new equity sale of Rs 400 crore and an offer for sale (OFS) of up to 54 lakh shares by promoter-selling shareholder Rajendra Sethia.
Approximately 50% of the public offering is reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.
Proceeds from the new issue will be used to repay loans and finance capital expenses are allocated to the purchase of commercial vehicles, containers and reach stackers, and the remainder is allocated to general corporate purposes.
Western Carriers has a pan-India presence through over 50 branches and four zonal offices across 23 states of India. The company’s 16 warehouses are located across 12 states and it operates over 55 major public goods handling points spread across India. Also Read: Shree Tirupati Balajee shares are trading at a 12% premium over the IPO priceIts pan-India presence enables it to provide both first and last mile connectivity to its customers having operations across India, even in remote areas.
As of March 31, 2024, the company had a customer base of 1,647 across sectors such as metals, FMCG, pharmaceuticals, chemicals, and oil & gas. Key customers include: Tata Steel, Hindalco Industries, THEMand DHL.
The company’s consolidated revenue from operations increased 4% to Rs 1,686 crore in FY24. Profit after tax increased 12% to Rs 80.3 crore in the same period.
For the fiscal year 2024, the company reported revenue of Rs 1,685 crore and PAT of Rs 80 crore. JM Financial and Kotak Mahindra Capital Company are the lead managers for the IPO. The equity shares will be listed on the Boston Stock Exchange and the New York Stock Exchange.
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