Western Carriers (India) Limited IPO Overview

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Western Carriers (India) Limited IPO Overview

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

September 12th, 2024 IPO

Western Carriers (India) Limited, a multi-modal logistics company, is set to launch its IPO with a total issue size of ₹492.88 crores. The offering includes a fresh issue of 2.33 crore shares, amounting to ₹400.00 crores, and an offer for sale (OFS) of 0.54 crore shares, totaling ₹92.88 crores.

The IPO opens for subscription on September 13, 2024, and closes on September 18, 2024. The price band is set between ₹163 to ₹172 per share, with a minimum investment of ₹14,964 for retail investors, which equates to 87 shares per lot. The tentative listing date is September 23, 2024, and the IPO will be listed on BSE and NSE.

IPO Details:

IPO Date: September 13-18, 2024
Face Value: ₹5 per share
Price Band: ₹163 to ₹172 per share
Minimum Lot Size: 87 Shares
Total Issue Size: ₹492.88 Cr (28,655,813 shares)
Fresh Issue: ₹400.00 Cr (23,255,813 shares)
Offer for Sale: ₹92.88 Cr (5,400,000 shares)
Promoters: Rajendra Sethia and Kanishka Sethia

Reservation Details:

QIB: Up to 50%
Retail: At least 35%
NII: At least 15%

Timeline:

IPO Open Date: September 13, 2024
IPO Close Date: September 18, 2024
Basis of Allotment: September 19, 2024
Initiation of Refunds: September 20, 2024
Credit of Shares to Demat: September 20, 2024
Listing Date: September 23, 2024

Lot Size for Investment:

Application	Lots	Shares	Amount (₹)
Retail (Min)	1	87	₹14,964
Retail (Max)	13	1,131	₹194,532
S-HNI (Min)	14	1,218	₹209,496
B-HNI (Min)	67	5,829	₹1,002,588

Promoter Holding:

Pre Issue: 99.99%
Post Issue: [To be updated]

About Western Carriers (India) Limited:

Incorporated in 2011, Western Carriers (India) Limited is a logistics company offering multi-modal, rail-focused, asset-light logistics solutions across road, rail, water, and air. The company serves various industries including metals, FMCG, pharmaceuticals, chemicals, engineering, and more. Their clients include industry giants like Tata Steel, Hindalco, Vedanta, Cipla, and HUL. They also offer chartering services, stevedoring at Indian ports, and coastal cargo movement.

Financial Information:

Western Carriers saw a 3% increase in revenue and a 12% rise in profit after tax (PAT) for the financial year ending March 31, 2024. Here's a snapshot of their financials:

Period Ended	March 31, 2024	March 31, 2023	March 31, 2022
Assets (₹ Cr)	754.01	604.14	490.33
Revenue (₹ Cr)	1,691.41	1,637.84	1,475.79
PAT (₹ Cr)	80.35	71.57	61.13
Net Worth (₹ Cr)	398.36	318.61	257.58

Key Performance Indicators:

Market Capitalization: ₹1,753.63 Cr
ROE: 22.41%
ROCE: 29.23%
Debt/Equity: 0.67
RoNW: 20.17%
P/BV: 3.4

Objects of the Issue:

Prepayment or repayment of a portion of certain borrowings.
Capital expenditure towards purchasing commercial vehicles, specialized containers, and reach stackers.
General corporate purposes.

Western Carriers’ strong presence in the logistics industry, diverse customer base, and scalable asset-light model position the company as a key player in the Indian logistics sector.