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19 Nov 2024
Logistics company Western Carriers India Ltd has announced a price band of Rs 163-172 per share for its upcoming initial public offering (IPO). The IPO will be open for subscription from September 13 to September 18, with anchor book bidding commencing on September 12.
Based in Kolkata, the company plans to raise Rs 400 crore through a fresh issue, along with an offer for sale (OFS) of up to 5.4 million shares by promoter Rajendra Sethia, amounting to Rs 92.88 crore at the upper price band. This brings the total IPO size to Rs 492.88 crore.
Proceeds from the IPO will be allocated towards repaying debt amounting to Rs 163.50 crore and funding capital expenditure worth Rs 151.71 crore. As of July 2024, Western Carriers had total outstanding borrowings of Rs 352.72 crore.
The company is a leading private, multi-modal, rail-focused, 4PL asset-light logistics provider in India, handling the largest volume of containers among private players with a 6% share in the domestic market and 2% in the EXIM market.
The firm offers a range of logistics solutions, leveraging its scalable, asset-light model and expertise in multi-modal transport across road, rail, and sea. It specializes in tailored 3PL and 4PL services to address diverse supply chain requirements.
For the fiscal year 2024, Western Carriers reported revenue of Rs 1,685.77 crore, up from Rs 1,633.06 crore in the previous year, while net profit rose to Rs 80.35 crore from Rs 71.57 crore. Its client base includes major companies like Tata Steel, Hindalco Industries, Vedanta, HUL, Coca-Cola India, and Cipla. JM Financial and Kotak Mahindra Capital Company are the lead managers for the IPO.
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