Western Carriers (India) IPO: Overview and Key Details
Western Carriers (India) Limited is set to launch its IPO in September 2024. The company is offering a book-built issue consisting of a fresh issue of ₹400 crore and an offer for sale of 0.54 crore shares. The subscription window for the IPO opens on September 13, 2024, and closes on September 18, 2024. The listing of Western Carriers shares is expected on the BSE and NSE on September 23, 2024.
The price bands and lot size for the IPO are yet to be announced. Jm Financial Limited and Kotak Mahindra Capital Company Limited are the book-running lead managers, and Link Intime India Private Ltd is serving as the registrar.
Western Carriers (India) IPO Details
| Attribute | Details |
|---|---|
| IPO Date | September 13, 2024 – September 18, 2024 |
| Listing Date | September 23, 2024 (Tentative) |
| Face Value | ₹5 per share |
| Price Band | [To Be Announced] |
| Lot Size | [To Be Announced] |
| Total Issue Size | [To Be Announced] |
| Fresh Issue | ₹400 crore |
| Offer for Sale | 5,400,000 shares |
| Issue Type | Book Built Issue |
| Listing At | BSE, NSE |
| Pre-Issue Share Holding | 78,699,400 shares |
IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB (Qualified Institutional Buyers) | Not more than 50.00% of the offer |
| Retail Investors | Not less than 35.00% of the offer |
| NII (Non-Institutional Investors) | Not less than 15.00% of the offer |
IPO Timeline (Tentative Schedule)
| Event | Date |
|---|---|
| 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 |
| UPI Mandate Confirmation | September 18, 2024 (by 5 PM) |
Promoter Holding
| Shareholding | Pre-Issue | Post-Issue |
|---|---|---|
| Promoter | 99.99% | [To Be Announced] |
About Western Carriers (India) Limited
Incorporated in March 2011, Western Carriers (India) Limited is a multi-modal, rail-focused, asset-light logistics company offering fully customizable logistics solutions. The company operates across various sectors including metals, FMCG, pharmaceuticals, engineering, and oil & gas. They serve prominent clients like Tata Steel, Hindalco, JSW, and Cipla.
The company specializes in combining rail and road movements, along with services such as coastal movement of cargo, stevedoring at Indian ports, and international chartering. As of December 31, 2022, Western Carriers served over 1,100 customers and had a workforce of 1,350 employees.
Financial Overview
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets (₹ Crore) | 754.01 | 604.14 | 490.33 |
| Revenue (₹ Crore) | 1,691.41 | 1,637.84 | 1,475.79 |
| Profit After Tax (₹ Crore) | 80.35 | 71.57 | 61.13 |
| Net Worth (₹ Crore) | 398.36 | 318.61 | 257.58 |
| Reserves & Surplus (₹ Crore) | 359.01 | 279.08 | 157.12 |
| Total Borrowing (₹ Crore) | 266 | 210.47 | 150.4 |
Key Performance Indicators
| KPI | Values |
|---|---|
| ROE | 22.41% |
| ROCE | 29.23% |
| Debt/Equity | 0.67 |
| RoNW | 20.17% |
Objectives of the Issue
The proceeds from the fresh issue will be utilized for:
- Prepayment or scheduled repayment of outstanding borrowings.
- Funding capital expenditure for:
- Purchase of commercial vehicles.
- 40 feet specialized containers and 20 feet normal shipping containers.
- Reach stackers.
- General corporate purposes.
Conclusion
Western Carriers (India) Limited aims to capitalize on its robust business model, expanding logistics services to support its growth. Investors keen on the logistics sector and asset-light business models should consider reviewing the company’s financials and IPO details for a well-informed decision.