Western Carriers IPO: Logistics Firm's Offer To Open On September 13

The IPO comprises a fresh issue of equity shares aggregating up to Rs 500 crore and an Offer For Sale (OFS) of up to 54 lakh equity shares by promoter Rajendra Sethia.

PTI Updated: Thursday, September 12, 2024, 10:29 PM IST
(L-R): Mr. Kamal Sultania, Executive Director, JM Financial Ltd, Mr. Kanishka Sethia, Whole-time Director and CEO, Western Carriers (India) Ltd, Mr. Rajendra Sethia, Chairman and MD, Western Carriers (India) Ltd, Mr. Dinesh Kumar Mantri, CFO, Western Carriers (India) Ltd and Mr. Kaushal Shah, Managing Director, Equity Capital Markets, Kotak Mahindra Capital Company Limited at a press conference in connection with the Western Carriers’ forthcoming Initial Public Offering (IPO). | SAMEER

(L-R): Mr. Kamal Sultania, Executive Director, JM Financial Ltd, Mr. Kanishka Sethia, Whole-time Director and CEO, Western Carriers (India) Ltd, Mr. Rajendra Sethia, Chairman and MD, Western Carriers (India) Ltd, Mr. Dinesh Kumar Mantri, CFO, Western Carriers (India) Ltd and Mr. Kaushal Shah, Managing Director, Equity Capital Markets, Kotak Mahindra Capital Company Limited at a press conference in connection with the Western Carriers’ forthcoming Initial Public Offering (IPO). | SAMEER

Logistics company Western Carriers (India) Ltd is set to launch its initial share sale for public subscription on September 13.

IPO Time For Western Carriers

The Kolkata-based company's initial public offering (IPO) will conclude on September 18 and the bidding for anchor investors will open for a day on September 12, according to the Red Herring Prospectus (RHP).

The IPO comprises a fresh issue of equity shares aggregating up to Rs 500 crore and an Offer For Sale (OFS) of up to 54 lakh equity shares by promoter Rajendra Sethia.

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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 purchase of commercial vehicles, shipping containers; and reach stackers, and the remaining funds towards general corporate purposes. |

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 purchase of commercial vehicles, shipping containers; and reach stackers, and the remaining funds towards general corporate purposes.

Western Carriers is India's leading private, multi-modal, rail-focused, asset-light logistics company, with a customer base of 1,647 across varied sectors such as metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024.

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Operations Revenue: Rs 1,685 Crore

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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.

Published on: Monday, September 09, 2024, 04:41 PM IST

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