Western Carriers (India) IPO

Western Carriers (India) IPO is a book-built issue of Rs 492.88 crores. The issue is a combination of a fresh issue of 2.33 crore shares aggregating to Rs 400.00 crores and an offer for sale of 0.54 crore shares aggregating to Rs 92.88 crores.

The IPO opens for subscription on September 13, 2024, and closes on September 18, 2024. The price band for the IPO is set at ₹163 to ₹172 per share and the minimum lot size for an application is 87 Shares.

Company Summary
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 over 1,100 customers and the company had 1,350 employees in various departments.

Company Financials

Period Ended31 Mar 202431 Mar 202331 Mar 2022
Assets754.01604.14490.33
Revenue1,691.411,637.841,475.79
Profit After Tax80.3571.5761.13
Net Worth398.36318.61257.58
Reserves and Surplus359.01279.08157.12
Total Borrowing266210.47150.4

Amount in ₹ Crore

Objectives of the IPO
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 utilized in the following manner:

  1. Prepayment or scheduled repayment of a portion of certain outstanding borrowings availed by the Company.
  2. Funding of capital expenditure requirements of our Company towards the purchase of
    commercial vehicles
    . 40 feet specialized containers and 20 feet normal shipping containers.
    . Reach stackers
  3. General corporate purposes.

Promoters of the Company:
The Promoters of our Company are Rajendra Sethia and Kanishka Sethia. The Promoters collectively hold 78,694,120 Equity Shares, representing 99.99% of the pre-offer issued, subscribed, and paid-up Equity Share capital of our Company.

IPO details

IPO DateSeptember 13, 2024 to September 18, 2024
Listing DateMonday, September 23, 2024
Face Value₹5 per share
Price Band₹163 to ₹172 per share
Lot Size87 Shares
Total Issue Size28,655,813 shares (aggregating up to ₹492.88 Cr)
Fresh Issue23,255,813 shares (aggregating up to ₹400.00 Cr)
Offer for Sale5,400,000 shares of ₹5 (aggregating up to ₹92.88 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE

Lot Allocation details

ApplicationLotsSharesAmount
Retail (Min)187₹14,964
Retail (Max)131131₹194,532
S-HNI (Min)141,218₹209,496
S-HNI (Max)665,742₹987,624
B-HNI (Min)675,829₹1,002,588

Allotment Schedule

Basis of AllotmentThursday, September 19, 2024
Initiation of RefundsFriday, September 20, 2024
The credit of Shares to DematFriday, September 20, 2024
Listing DateMonday, September 23, 2024
Cut-off time for UPI mandate confirmation5 PM on September 18, 2024

IPO Reservation

Investor CategoryShares Offered
QIB Shares OfferedNot more than 50.00% of the offer
Retail Shares OfferedNot less than 35.00% of the Offer
NII (HNI) Shares OfferedNot less than 15.00% of the Offer

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