Western Carriers India saw a muted response from investors as the subscription window for the initial public offering continued on its second day of bidding. The maiden offer began accepting bids from the public on September 13, Friday. The bidding window for the issue will close on September 18, Wednesday.
The issue received almost 79 per cent subscriptions on Friday itself. The company’s IPO includes a fresh issue of equity worth Rs 400 crore and an offer-for-sale (OFS) of up to 54 lakh equity shares. The firm plans to raise Rs 492.88 crore via the maiden offer, reported Business Today.
The issue has been priced in the range of Rs 163-172 apiece. Investors can place bids for a minimum of 87 shares and its multiples thereafter. By afternoon, investors placed bids for 7,36,68,381 equity shares on Monday, against 2,08,68,467 shares on offer.
Retail investors have already subscribed 5.62 times, while non-institutional investors (NIIs) have placed bids for 3.28 times the issue. However, the portion set aside for qualified institutional bidders (QIBs) remained the least popular in the issue as it received only one per cent subscriptions.
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The company was set up in 2011 and is a rail-focused 4PL asset-light logistics firm. The grey market premium of the firm has remained stable near 33-35 per cent, indicating good returns for the investors.
The company also raised Rs 147.86 crore from 15 anchor investors prior to the IPO. The firm will make its debut in the stock market on September 23 and list on both the BSE and the NSE. For the 2023-24 fiscal year (FY24), the company reported a net profit of Rs 80.35 crore, while its revenue touched Rs 1,691.41 crore. Meanwhile, in the preceding 2022-23 fiscal year (FY23), it’s profit stood at Rs 71.57 crore and a revenue of Rs 1,637.84 crore.
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