Western Carriers (India) IPO is a book built issue of Rs 492.88 crores. The issue is a combination of fresh issue of 2.33 crore shares aggregating to Rs 400.00 crores and offer for sale of 0.54 crore shares aggregating to Rs 92.88 crores.
Western Carriers (India) IPO bidding opened for subscription on September 13, 2024 and will close on September 18, 2024. The allotment for the Western Carriers (India) IPO is expected to be finalized on Thursday, September 19, 2024. Western Carriers (India) IPO will list on BSE, NSE with tentative listing date fixed as Monday, September 23, 2024.
Western Carriers (India) IPO price band is set at ₹163 to ₹172 per share. The minimum lot size for an application is 87 Shares. The minimum amount of investment required by retail investors is ₹14,964. The minimum lot size investment for sNII is 14 lots (1,218 shares), amounting to ₹209,496, and for bNII, it is 67 lots (5,829 shares), amounting to ₹1,002,588.
Jm Financial Limited and Kotak Mahindra Capital Company Limited are the book running lead managers of the Western Carriers (India) IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Western Carriers (India) IPO RHP for detailed information.
Western Carriers (India) IPO Details
| IPO Date | September 13, 2024 to September 18, 2024 |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Price Band | ₹163 to ₹172 per share |
| Lot Size | 87 Shares |
| Total Issue Size | 28,655,813 shares (aggregating up to ₹492.88 Cr) |
| Fresh Issue | 23,255,813 shares (aggregating up to ₹400.00 Cr) |
| Offer for Sale | 5,400,000 shares of ₹5 (aggregating up to ₹92.88 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 78,699,400 |
| Share holding post issue | 101,955,213 |
Western Carriers (India) IPO Reservation
Western Carriers (India) IPO offers 2,86,55,813 shares. 57,31,163 (20%) to QIB, 42,98,372 (15%) to NII, 1,00,29,535 (35%) to RII and 85,96,743 (30%) to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 85,96,743 (30%) | NA |
| QIB Shares Offered | 57,31,163 (20%) | NA |
| NII (HNI) Shares Offered | 42,98,372 (15%) | |
| bNII > ₹10L | 28,65,581 (10%) | 2,352 |
| sNII < ₹10L | 14,32,791 (5%) | 1,176 |
| Retail Shares Offered | 1,00,29,535 (35%) | 1,15,282 |
| Total Shares Offered | 2,86,55,813 (100%) |
Western Carriers (India) IPO Anchor Investors Details
Western Carriers (India) IPO raises Rs 147.86 crore from anchor investors. Western Carriers (India) IPO Anchor bid date is September 12, 2024. Western Carriers (India) IPO Anchor Investors list
| Bid Date | September 12, 2024 |
| Shares Offered | 8,596,743 |
| Anchor Portion Size (In Cr.) | 147.86 |
| Anchor lock-in period end date for 50% shares (30 Days) | October 19, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 18, 2024 |
Western Carriers (India) IPO Timeline (Tentative Schedule)
Western Carriers (India) IPO opens on September 13, 2024, and closes on September 18, 2024.
| IPO Open Date | Friday, September 13, 2024 |
| IPO Close Date | Wednesday, September 18, 2024 |
| Basis of Allotment | Thursday, September 19, 2024 |
| Initiation of Refunds | Friday, September 20, 2024 |
| Credit of Shares to Demat | Friday, September 20, 2024 |
| Listing Date | Monday, September 23, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 18, 2024 |
Western Carriers (India) IPO Lot Size
Investors can bid for a minimum of 87 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 87 | ₹14,964 |
| Retail (Max) | 13 | 1131 | ₹194,532 |
| S-HNI (Min) | 14 | 1,218 | ₹209,496 |
| S-HNI (Max) | 66 | 5,742 | ₹987,624 |
| B-HNI (Min) | 67 | 5,829 | ₹1,002,588 |
| Lot Size Calculator | |||
Western Carriers (India) IPO Promoter Holding
Promoters of the company and Rajendra Sethia and Kanishka Sethia.
| Share Holding Pre Issue | 99.99% |
| Share Holding Post Issue |
About Western Carriers (India) Limited
Incorporated in March 2011, Western Carriers (India) Limited is a Multi-modal, rail-focused, 4PL asset-light logistics company. 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 offers sectors such as metals, fast-moving consumer goods (“FMCG”), pharmaceuticals, chemicals, engineering, oil and gas and retail. The company’s clientele includes Tata Steel Limited (“Tata Steel”), Hindalco Industries Limited (“Hindalco”), Jindal Stainless Limited (“JSL”), JSW Steel Coated Products Limited (“JSW”), Bharat Aluminium Company Limited(“BALCO”)and Vedanta Limited(“Vedanta”), Hindustan Unilever Limited (“HUL”), Hindustan Coca Cola Beverages Private Limited (“Coca Cola India”), Tata Consumer Products Limited (“Tata Consumer”), Gujarat Tea Processors and Packers Limited (“Wagh Bakri”) and CG Foods India Private Limited (“CG Foods”), Cipla Limited (“Cipla”), Materials Chemicals and Performance Intermediaries Private Limited (“MCPI”) (formerly, MCC PTA India Corp. Private Limited, a subsidiary of Mitsubishi Chemical Corporation), Haldia Petrochemicals Limited (“Haldia”) and Gujarat Heavy Chemicals Limited(“GHCL”)Oil and Gas Brahmaputra Cracker and Polymer Limited(“BCPL”)Utilities and others*Sheela Foam Limited(“Sleepwell”)and DHL Logistics Private Limited.
The company provides chartering services to overseas destinations, stevedoring services at Indian ports, and coastal movement of cargo within India. They specialize in combining rail with road movements through an asset-light business model. The company manages and handles the supply chain for increased imports, exports, and production levels for a leading metals and resource group company.
As of December 31, 2022, the company served a d over 1,100 customers.
As of December 31, 2022, the company had 1,350 employees in various departments.
Company Financials
Western Carriers (India) Limited Financial Information (Restated Consolidated)
Western Carriers (India) Limited’s revenue increased by 3% and profit after tax (PAT) rose by 12% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | |||||||||||||||||||||||||||
| Assets | 754.01 | 604.14 | 490.33 | |||||||||||||||||||||||||||
| Revenue | 1,691.41 | 1,637.84 | 1,475.79 | |||||||||||||||||||||||||||
| Profit After Tax | 80.35 | 71.57 | 61.13 | |||||||||||||||||||||||||||
| Net Worth | 398.36 | 318.61 | 257.58 | |||||||||||||||||||||||||||
| Reserves and Surplus | 359.01 | 279.08 | 157.12 | |||||||||||||||||||||||||||
| Total Borrowing | 266 | 210.47 | 150.4 | |||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||
Key Performance Indicator
The market capitalization of Western Carriers (India) IPO is Rs 1753.63 Cr.
KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| ROE | 22.41% |
| ROCE | 29.23% |
| Debt/Equity | 0.67 |
| RoNW | 20.17% |
| P/BV | 3.4 |
Check Western Carriers (India) IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 10.21 | 7.88 |
| P/E (x) | 16.85 | 21.83 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2024 that is available in RHP.
Objects of the Issue (Western Carriers (India) IPO Objectives)
The net proceeds of the Fresh Issue, i.e., gross proceeds of the Fresh Issue less the Offer expenses apportioned to the Company (“Net Proceeds”) are proposed to be utilised in the following manner:
- Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the Company;
- 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; and
- General corporate purposes
Western Carriers (India) IPO Review (Apply)
[Dilip Davda] The company is the largest private, multi-modal, rail focused, 4PL asset-light logistics company in India. It marked steady growth in its top and bottom lines for the reported periods. Based on FY24 earnings, the issue appears reasonably priced. Considering the rising demands for logistics due to ongoing expansions/infra developments/ rising business opportunities, the company is poised for bright prospects. Investors may park funds for medium to long term. Read detail review…
Western Carriers (India) IPO Subscription Status (Bidding Detail)
The Western Carriers (India) IPO is subscribed 0.85 times on September 13, 2024 7:02:09 PM. The public issue subscribed 1.54 times in the retail category, 0.00 times in the QIB category, and 0.40 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 0.00 |
| NII | 0.40 |
| bNII (bids above ₹10L) | 0.27 |
| sNII (bids below ₹10L) | 0.66 |
| Retail | 1.54 |
| Total | 0.85 |
Total Application : 133,754 (1.11 times)
Western Carriers (India) IPO Prospectus
- › Western Carriers (India) IPO DRHP
- › Western Carriers (India) IPO addendum to DRHP
- › Western Carriers (India) IPO RHP
- › Anchor Investors in Western Carriers (India) IPO
Western Carriers (India) Limited Contact Details
Western Carriers (India) Limited
2/6 Sarat Bose Road
2nd Floor,
Kolkata-700020
Phone: +91 33 2485 8519
Email: investors@westcong.com
Website: https://western-carriers.com/
Western Carriers (India) IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: westerncarriers.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html