Shares of logistics company Western Carriers (India) Ltd made a tepid market debut on Tuesday, listing with a discount of over 1 per cent against the issue price of Rs 172.
The initial public offer of Western Carriers (India) Ltd garnered 30.46 times subscription on the final day of bidding on Thursday.
Shares of logistics company Western Carriers (India) Ltd made a tepid market debut on Tuesday, listing with a discount of over 1 per cent against the issue price of Rs 172.
The stock listed at Rs 170, a decline of 1.16 per cent from the issue price on the BSE. Later, it went lower by 5.46 per cent to Rs 162.60.
At the NSE, the stock made its market debut at Rs 171, reflecting a discount of 0.58 per cent.
The company's market valuation stood at Rs 1,659.83 crore.
The initial public offer of Western Carriers (India) Ltd garnered 30.46 times subscription on the final day of bidding on Thursday.
The Rs 493-crore initial share sale had a price range of Rs 163-172 per share.
The IPO had 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.
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 requirement towards the purchase of commercial vehicles, shipping containers, and reach stackers, and the remaining funds towards general corporate purposes.
Western Carriers is India's leading private, multimodal, rail-focused, asset-light logistics company, with a customer base of 1,647 across varied sectors like metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024.
Some of its key customers are Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals and Gujarat Heavy Chemicals, among others.