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Introduction to Western Carriers (India) Ltd IPO
Western Carriers (India) was incorporated in March 2011. The company will issue a book of Rs 492.88 crore, out of which a fresh issue of 2.33 crore shares and an offer-for-sale of 0.54 crore shares will be issued. The initial public offering shall be opened on 13th September 2024 and closed on 18th September 2024.
This IPO subscription is an amalgamation of a fresh issue of Rs 400.00 crore amounting to 2.33 crore shares and an offer-for-sale of Rs 92.88 crore for 0.54 crore shares. The firm will be listed on both BSE and NSE.
The allotment for this will take place on 19th September 2024. The price range is set between Rs 163 and Rs 172 per share.
A minimum of 87 shares constitutes the minimum lot size for a bid. Retail investors need to invest a minimum of Rs 14,964. The small NII investors need a minimum investment of Rs 209,496 for 1,218 shares, which is 14 lots. Large NII investors need a minimum investment of Rs 1,002,588 for 5,829 shares, which is 67 lots.
Link Intime India Private Ltd is the IPO’s registrar. Western Carriers (India) Ltd IPO is being led by Kotak Mahindra Capital Company Ltd and JM Financial Ltd as book-running lead managers.
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Western Carriers (India) Ltd IPO Company Details
This company is a multimodal, rail-focused and asset-light provider of logistics. They offer customisable solutions across road, rail, water, and air transportation, along with a variety of value-added services to their beloved clients.
They are working with various sectors such as metals, FMCG, pharmaceuticals, chemicals, engineering goods, oil and gas, and retail.
Amongst their vast reach of clients, some of the majority organisations whom they work with or make deals with are Tata Steel, Hindalco, Jindal Stainless, JSW, BALCO, Vedanta, HUL, Coca-Cola India, Tata Consumer, Wagh Bakri, CG Foods, Cipla, MCPI, Haldia Petrochemicals, GHCL, BCPL, Sheela Foam, and DHL Logistics.
The company offers chartering services covering the international destinations and stevedoring services at the Indian ports besides the coastal cargo movements in the country. The company excels in integrating rail and road transport within a lightweight asset model, effectively managing the supply chain to enhance the import, export, and production of metals and minerals for its partner, a leading group in metals and resources.
As of 31st December 2022, the company served over 1,100 customers and employed 1,350 people across various departments.
Western Carriers (India) Ltd IPO Details:
| Western Carriers (India) Ltd IPO Opening Date and Closing Date | 13th September to 18th September |
| Face Value | Rs 5 per share |
| Price Band | Rs 163 to Rs 172 per share |
| Western Carriers India Lot Size | 87 |
| Total Issue Size | 28,655,813 shares (aggregating up to Rs 492.88 Cr) |
| Fresh Issue | 23,255,813 shares (aggregating up to Rs 400.00 Cr) |
| Offer for Sale | 5,400,000 shares (aggregating up to Rs 92.88 Cr) |
| Issue Type | Book Built Issue IPO |
| Western Carriers India Listing At | NSE, BSE |
| Shareholding Pre-Issue | 78,699,400 |
| Shareholding Post Issue | 101,955,213 |
Western Carriers India Ltd IPO tentative schedules:
| Western Carriers (India) IPO Open Date | Friday, 13th September, 2024 |
| Western Carriers (India) IPO Close Date | Wednesday, 18th September, 2024 |
| Basis of Allotment | Thursday, 13th September, 2024 |
| Refund Initiation | Friday, 20th September, 2024 |
| Credit of Shares in Demat | Friday, 20th September, 2024 |
| Listing Date | Monday, 23th September, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on 18th September, 2024 |
Applications by different investors, Western Carriers (India) Ltd lot size, shares, and their value:
| Application | Lots | Shares | Amounts |
| Retail (Min) | 1 | 87 | Rs 14,964 |
| Retail (Max) | 13 | 1,131 | Rs 194,532 |
| S-HNI (Min) | 14 | 1,218 | Rs 209,496 |
| S-HNI (Max) | 66 | 5,742 | Rs 987,624 |
| B-HNI (Min) | 67 | 5,829 | Rs 1,002,588 |
Investor categories and Western Carriers (India) Ltd shares offered:
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50.00% of the offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
Western Carriers (India) Ltd Financials:
| Periods Ended | 31st Mar, 2024 | 31st Mar, 2023 | 31st Mar, 2022 |
| Assets | 754.01 | 604.14 | 490.33 |
| Revenue | 1,691.41 | 1,637.84 | 1475.79 |
| 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 |
Amounts for the above are in Rs Crore.
Western Carriers (India) Key Performance Indicators (KPI) and their values:
| KPI | Values |
| Return on Equity (ROE) | 22.41% |
| Return on Capital Employed (ROCE) | 29.23% |
| Debt to Equity Ratio (D/E) | 0.67 |
| Return on Net Worth (RoNW) | 20.17% |
Western Carriers (India) Ltd IPO GMP:
The most recent GMP of the IPO is Rs 0, as of 13th September 2024. The IPO has a price band of Rs 172.00. The estimated listing price for Western Carriers (India) Ltd is Rs 172, reflecting a potential gain of 0.0% per share.
Objectives of the Western Carriers (India) Ltd IPO:
The net proceeds from the latest issue will be used for:
- Prepaying or repaying part of the company’s outstanding borrowings.
- Funding capital expenditures, including:
- Purchase of commercial vehicles.
- 40-foot specialised containers and 20-foot standard containers.
- Reach stackers.
- General corporate purposes.
Some major risks associated with the Western Carriers (India) Ltd IPO are:
They may struggle to maintain their past growth rate in future financial periods. And furthermore, their business and results could suffer if they fail to execute their business plans and growth strategies effectively.
The company might face difficulties in servicing its debt on time or meeting financial and other covenants outlined in its financing agreements.
Frequently Asked Questions (FAQs)
What could be the price band for the Western Carriers (India) IPO?
The issue price band is between Rs 163 and Rs 172 for each share.
What could be a quota for the Retail Investors in the IPO application of Western Carriers (India) Ltd?
The issue of shares to retail investors shall be a minimum of 35% of the share issue.
Where can we track Western Carriers (India) ‘s stock performance after it’s listed?
Unicorn Signals provides tracking of a stock’s performance two to three days later, once it’s listed on the stock exchange.
How do I subscribe to Western Carriers (India) ‘s IPO?
Subscriptions can be made from the IPO opening to the closing date via your demat account or by contacting your bank or financial institution.
What is the closing time for the subscription to Western Carriers (India) ‘s IPO?
The deadline for the application is 5 PM on 18th September, 2024, yet most brokers will not be accepting applications past 1-3 PM.
Where can I get detailed information on the Western Carriers (India) Ltd IPO?
Detailed information on the same can be found in the following documents filed with SEBI by the company:
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