IPO

Western Carriers (India) Limited IPO

Mainboard

Logistics Solution Provider

Listed On: Sep 24, 2024 at ₹ 171.0(NSE)

₹ 14964 /87 Shares

Check Allotment

13 Sep, 2024

Open Date

19 Sep, 2024

Close Date

20 Sep, 2024

Allotment Date

24 Sep, 2024

Listing Date
Price Summary

Last Closing

122.80 (-28.6%)

52 Week High

147.29

52 Week Low

65.10

Last Update

15-Dec-2025 3:30 PM
Western Carriers (India) IPO Issue Details
  • Issue Price ₹163-172 per equity share
  • Face Value ₹5 Per Equity Share
  • Total Issue Size 2,86,55,813 shares(aggregating up to ₹492.88 crore)
  • Fresh Share 2,32,55,813 shares(aggregating up to ₹400 crore)
  • Offer For Sale 54,00,000 shares(aggregating up to ₹92.88 crore)
  • Listing at BSE, NSE
  • List Price 171.0(NSE)
  • Listing Date 2024-09-24
  • Lead Manager Jm Financial Limited
    Kotak Mahindra Capital Company Limited
  • Registrar Link Intime India Private Ltd
Market Lot Size

Investors can bid for a minimum of 87 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (min) 1 87 ₹14,964
Retail(max) 13 1,131 ₹1,94,532
Western Carriers (India) IPO Reservation

Western Carriers (India) IPO offers total 2,86,55,813 shares. Out of which 57,31,163 (20%) allocated to QIB, 42,98,372 (15%) allocated to NII,1,00,29,535 (35%) allocated to RII, NA (NA%) allocated to employees and 85,96,743 (30%) allocated to Anchor investors.

Investor Category Shares Offered Maximum Allottees
Anchor Investor Shares Offered 85,96,743 (30%)
QIB Shares Offered 57,31,163 (20%)
NII (HNI) Shares Offered 42,98,372 (15%)
bNII > ₹10L 28,65,581 (10%)
sNII < ₹10L 14,32,791 (5%)
Retail Shares Offered 1,00,29,535 (35%)
Total Shares Offered 2,86,55,813 (100%)
Western Carriers (India) IPO Documents
DRHP
RHP
ANCHOR
Western Carriers (India) IPO Details


Western Carriers (India) IPO is a book-built issue of ₹492.88 crores, The total issue size is ₹492.88 crores. The IPO of Western Carriers (India) is priced at ₹163-172 per equity share, which has a face value of ₹5 Per Equity Share each, IPO bidding starts from Sep 13, 2024 and ends on Sep 19, 2024. The allotment for Western Carriers (India) IPO will be finalized on Sep 20, 2024. Western Carriers (India) IPO will be listed on BSE, NSE, with a tentative listing date fixed as Sep 24, 2024. The company shall list its equity shares on the BSE, NSE. Link Intime India Private Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 87 shares, extendable to 14,964. The book-running lead manager for the IPO is/are Jm Financial Limited, Kotak Mahindra Capital Company Limited.

The total issue ₹492.88 crore, comprising a fresh issue of 2,32,55,813 shares ₹400 crore and having Offer for Sale (OFS) of 54,00,000 shares to mop up ₹92.88 crore.

The Western Carriers (India) IPO sets its price band at 163-172 for each share. A single application for Western Carriers (India) Limited IPO must contain at least 87 shares. Sentiment investors need to invest a minimum of 87 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,964

Read More
Western Carriers (India) IPO Subscription Analysis And Details
Retail
25.43x
QIB
27.99x
NII
44.58x
bNII
39.86x
sNII
54.00x
Total
30.28x
As on QIB NII
bNII   sNII 		Retail Total
Shares Offered / Reserved 5,731,163 4,298,372
2,865,581    1,432,791 		10,029,535 20,059,070
Day 1 13-09-24 05:00 PM
0.00 x 0.38
0.25 x   0.62 x 		1.40 x 0.78 x
Day 2 16-09-24 05:00 PM
0.03 x 5.35
4.23 x   7.57 x 		7.31 x 4.83 x
Day 3 17-09-24 05:00 PM
0.09 x 12.74
10.22 x   17.80 x 		13.27 x 9.43 x
Day 4 18-09-24 05:00 PM
0.14 x 20.93
17.22 x   28.35 x 		18.61 x 13.89 x
Day 5 19-09-24 05:00 PM
27.99 x 44.58
39.86 x   54.00 x 		25.43 x 30.28 x
Total No of Applications
28,59,078
Subscription on the basis of Applications
Retail:24.67x BHNI:8.40x SHNI:53.0x
Western Carriers (India) Valuations
EPS Pre IPO ₹10.21/-
EPS Post IPO ₹7.88/-
P/E Pre IPO 16.85
P/E Post IPO 21.83
ROE 22.41%
ROCE 29.23%
Debt/Equity 0.67
RoNW 20.17%
Price to Book Value 3.40
Western Carriers (India) Company Financials
In Crs.
In Cr.
31-Mar-24 31-Mar-23 31-Mar-22
Assets 754.01 604.14 490.33
Revenue 1,691.41 1,637.84 1,475.79
Profit After Tax 80.35 71.57 61.13
Net Worth 398.36 318.61 257.58
Reserves & Surplus 359.01 279.08 157.12
Total Borrowing 266.00 210.47 150.4
About Western Carriers (India) Company

Western Carriers (India) Limited is a Multi-modal, rail-focused, 4PL asset-light logistics company. The company offers fully customizable, multi-modal logistics solutions encompassing road, rail, water, and air transportation and a tailored range of value-added services

Read More
Western Carriers (India) - Promoter(s)

Rajendra Sethia

Kanishka Sethia

Pre Issue Share Holding : 99.99%

Post Issue Share Holding : 71.89%

Western Carriers (India) IPO - Issue Objectives
1

Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the Company;

2

Funding of capital expenditure requirements of our Company towards purchase of:commercial vehicles,40 feet specialised containers and 20 feet normal shipping containers; andreach stackers

3

General corporate purposes

Western Carriers (India) IPO - Anchor Investors

Western Carriers IPO: Firm garners ₹148 crore from anchor investors.

Aditya Birla Sun Life Insurance Company, Kotak Mahindra Life Insurance Company, Motilal Oswal Mutual Fund (MF), Kotak MF, Aditya Birla Sun Life MF, Nippon India MF, BNP Paribas, Societe Generale and Citigroup Global Markets Mauritius are among the anchor investors.

Western Carriers (India) IPO - Peers Comparison
Company Name EPS (Basic) EPS (Diluted) NAV (per share) (Rs) P/E (x) RoNW (%) P/BV Ratio Financial statements
Western Carriers (India) Limited 7.77 7.77 50.62 N/A 20.17 N/A Consolidated
Container Corporation Of India Ltd. 17.27 17.27 193.87 47.73 10.42 5 Consolidated
Mahindra Logistics Ltd 5.16 5.14 69.99 -62.93 -10.33 6.93 Consolidated
TCI Express Limited 33.48 33.45 183.57 32.48 18.71 6.08 Consolidated

Notes:

  1. Basic/Diluted EPS refers to the Basic/Diluted EPS sourced from the financial statements of the respective peer group companies for the Financial Year ended March 31, 2024.
  2. NAV per equity share refers to total equity attributable to the equity shareholders as of the end of the Financial Year divided by the number of Equity Shares outstanding at the end of the year.
  3. The P/E ratio for the peer group has been computed based on the closing market price of equity shares on BSE as of September 4, 2024, divided by the Diluted EPS for the Financial Year ended March 31, 2024.
  4. RoNW is calculated as profit after tax attributable to the company's equity shareholders divided by Net Worth attributable to the company's equity shareholders.
  5. The net worth attributable to the company's owners is the total value of the paid-up share capital, reserves, and securities premium account minus accumulated losses, deferred expenditure, and miscellaneous expenditures not written off.
Strength
The company’s expertise in providing end-to-end logistics and bespoke solutions to customers provides it with a significant competitive advantage.
Given the execution capabilities and ability to provide one-stop/single-window, end-to-end and integrated customised logistics solutions in a market with inherent entry barriers, Western Carriers are strategically positioned to benefit from certain favourable trends and initiatives in the Indian logistics industry.
Weakness
Western Carriers may be unable to sustain the pace of its past growth in future financial periods. Further, its business and the results of operations may be adversely affected if it is unable to successfully implement our business plans and growth strategies.
Contact Details

Western Carriers (India)

2/6 Sarat Bose Road, 2nd Floor, Kolkata-700020

+91 33 2485 8519

investors@westcong.com

https://western-carriers.com/

Registrar Contact Details

Link Intime India Private Ltd

+91-22-4918 6270

westerncarriers.ipo@linkintime.co.in

https://linkintime.co.in/initial_offer/public-issues.html