Logistics firm Western Carriers sets IPO price band at Rs 163-172/ share
IPO). The Kolkata-based company's initial share-sale will be available for public subscription from September 13 to September 18 and the bidding for anchor investors will open for a day on September 12, the company announced.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of up to 54 lakh equity shares worth Rs 93 crore, at the upper end of the price band, by promoter Rajendra Sethia.
Proceeds from the fresh issue to the tune of Rs 163.5 crore will be used for debt payment, Rs 152 crore for funding capital expenditure requirements towards purchase of commercial vehicles, shipping containers; and reach stackers, and the remaining funds towards general corporate purposes.
The company said investors can bid for a minimum of 87 equity shares and in multiples thereof.
Western Carriers is India's leading private, multi-modal, rail-focused, asset-light logistics company, with a customer base of 1,647 across sectors such as metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024.
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