Logistics company Western Carriers (India) Limited has launched its initial public offering (IPO), with the bidding process opening on Friday, September 13th. The company aims to raise approximately Rs. 492.88 crores through the IPO.
The IPO consists of a fresh issue of 2.33 crore shares worth Rs. 400 crores by the company. It also includes an offer for sale of 54 lakh shares totaling Rs. 92.88 crores. Prior to the main offering, Western Carriers allocated over 85 lakh shares to 15 anchor investors, raising approximately Rs. 148 crores.
The price band for applying to the IPO is set between Rs. 163 to Rs. 172 per share. With a minimum lot size of 87 shares, retail investors need to invest at least Rs. 14,964. The bidding will remain open until September 18th. If approved, the shares are expected to begin trading on the Bombay Stock Exchange and National Stock Exchange on September 23rd.
Brokerage opinions on subscribing to the IPO have been generally positive. Several firms like Marwadi Financial Services and Chola Securities have recommended applying. However, others like Swastika Investmart note the company faces long payment cycles and operational risks, suggesting only long-term investors with a high tolerance for risk should consider it.
As of September 13th at 10:59 AM, the grey market premium for the IPO stood at Rs. 0, implying listing around the cap price of Rs. 172 per share. Allotment of shares is scheduled for September 19th. With a few days still remaining in the bidding process, investors will have time to carefully evaluate if subscribing to or waiting for the Western Carriers IPO is the right choice.
