Western Carriers (India) is scheduled to hit the market on September 13, 2024 and close on September 18, 2024. Western Carriers (India) plans to raise around ₹492.88 Cr through an IPO with a sale of up to 28,655,813 equity shares of ₹5 each. The Retail offered 35%, QIB Shares Offered 50%, HNI Shares Offered 15%.
Western Carriers (India) Limited, established in March 2011, is a logistics company that focuses on rail transport and offers a mix of different transportation methods, including road, water, and air. They provide customizable logistics solutions and additional services to various sectors like metals, FMCG, pharmaceuticals, chemicals, engineering, oil and gas, and retail. Their clients include well-known companies such as Tata Steel, Hindalco, Jindal Stainless, JSW Steel, Vedanta, Hindustan Unilever, and Coca Cola India.
The company also offers chartering services for overseas shipments, stevedoring at Indian ports, and coastal cargo movement within the country. By combining rail and road transport in an asset-light model, they efficiently manage supply chains to support increased imports, exports, and production for major clients in the metals and resources sector. As of December 31, 2022, Western Carriers had over 1,100 customers and employed 1,350 people across various departments.
Western Carriers (India) IPO Details
Western Carriers (India) IPO opens on September 13, 2024, and closes on September 18, 2024. The Listing date for Western Carriers (India) IPO is on September 23, 2024. The price band for IPO is ₹163 to ₹172 per share and lot size of 87 Shares.
| IPO Date | September 13, 2024 to September 18, 2024 |
| Listing Date | September 23, 2024 |
| Price | ₹163 to ₹172 per share |
| Lot Size | 87 Shares |
| Issue Size | ₹492.88 Cr |
| Face Value | ₹5 per share |
Western Carriers (India) IPO Tentative Timetable
Western Carriers (India) opening date is September 13, 2024 and close date is September 18, 2024. The IPO allotment date is September 19, 2024. Therefund initiation of IPO is on September 20, 2024. The credit of shares in demat account is on September 20, 2024. The listing date is on September 23, 2024.
| Event | Date |
|---|---|
| IPO Opening | September 13, 2024 |
| IPO Closing | September 18, 2024 |
| IPO Allotment Date | September 19, 2024 |
| Refund Initiation | September 20, 2024 |
| Shares Credit to Demat | September 20, 2024 |
| Lisiting Date | September 23, 2024 |
Western Carriers (India) IPO Lot Size
Lot Size of this IPO is 87 shares. A retail-individual investor can apply for up to 13 lots (87 shares or ₹194,532).
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail(Minimum) | 1 | 87 | ₹14,964 |
| Retail(Maximum) | 13 | 1131 | ₹194,532 |
| S-HNI (Minimum) | 14 | 1,218 | ₹209,496 |
| B-HNI (Minimum) | 67 | 5,829 | ₹1,002,588 |
Western Carriers (India) IPO Promoter Holding
| Pre Issue Share Holding | 99.99% |
| Post Issue Share Holding |
Western Carriers (India) IPO Review
The company is launching its first combined IPO, which includes a new issue of equity shares worth Rs. 400 crore (approximately 2,32,55,814 shares at the highest price). Additionally, there is an offer for sale (OFS) of 54,00,000 shares (worth Rs. 92.88 crore at the highest price).
On the financial performance front, for the last three fiscals, the company has (on a consolidated basis) posted a total income/met profit of Rs. 1475.79 cr. / Rs. 61.13 cr. (FY22), Rs. 1637.84 cr. / Rs. 71.57 cr. (FY23), and Rs. 1691.41 cr. / Rs. 80.35 cr. (FY24).
For the last three fiscals, the company has reported an average EPS of Rs. 9.43, and an average RoNW of 21.53%. The issue is priced at a P/BV of 3.40 based on its NAV of Rs. 50.62 as of March 31, 2024, and at a P/BV of 2.20 based on its post-IPO NAV of Rs. 78.31 per share (at the upper cap).
If we attribute FY24 annualized earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at a P/E of 21.83. The issue relatively appears reasonably priced.
The company reported PAT margins of 4.16% (FY22), 4.38% (FY23), 4.77% (FY24), and RoCE margins of 33.40%, 29.71%, 29.23% for the referred periods, respectively.
According to the offer document, the company has mentioned Container Corporation, Mahindra Logistics, and TCI Express as their similar companies. As of September 12, 2024, their price-to-earnings (P/E) ratios are 45.8, 68.57, and 35.6, respectively. However, these companies are not exactly the same and can't be compared directly.
The company is the biggest private logistics firm in India that focuses on rail transport and doesn’t own many assets. It has shown consistent growth in its earnings. Based on its FY24 results, the company's shares seem fairly priced. With the increasing need for logistics because of new projects and business opportunities, the company has good potential for the future. Investors might consider investing for the medium to long term.
Western Carriers (India) IPO Subscription Status (Bidding Details)
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Western Carriers (India) IPO FAQs
What is Western Carriers (India) IPO?
Western Carriers (India) is issuing 28,655,813 equity shares with a face value of ₹5 each, totaling up to ₹492.88 Cr. The shares are being offered at a price of ₹163 to ₹172 each, with a minimum order quantity of 87 shares.
Link Intime India Private Ltd is the registrar for the IPO, and the shares are planned to be listed on the BSE and NSE.
When Western Carriers (India) IPO will open?
Western Carriers (India) will open on September 13, 2024 for QIB, NII, and Retail Investors.
When Western Carriers (India) IPO will end?
Western Carriers (India) will end on September 18, 2024.
What is Western Carriers (India) IPO Size?
Western Carriers (India) IPO size is ₹492.88 Cr.
What is Western Carriers (India) IPO Price Band?
Western Carriers (India) price band is ₹163 to ₹172 per share.
What is Western Carriers (India) IPO Allotment Date?
Western Carriers (India) allotment date is September 19, 2024.
What is Western Carriers (India) IPO Listing Date?
Western Carriers (India) listing date is September 23, 2024. The IPO is to be listed on BSE and NSE.
How to Western Carriers (India) IPO through Zerodha?
To apply for the IPO “Western Carriers (India)” on Zerodha, log in to the Zerodha website or app, go to the Portfolio section, and click on IPO. Then, click on the “Apply” button and enter your UPI ID, the desired quantity, and the price. Submit the IPO application form and then approve the mandate on your UPI app. To complete the process, you should have an demat account. If you don't have one, open a demat account with Zerodha.
How to Apply Western Carriers (India) IPO through Upstox?
To apply for the IPO “Western Carriers (India)” on Upstox, log in to the Upstox website or app, click on IPO. Then, click on the “Apply” button and enter your UPI ID, the desired quantity, and the price. Submit the IPO application form and then approve the mandate on your UPI app. To complete the process, you should have an demat account. If you don't have one, open a demat account with Upstox.
How to check Western Carriers (India) IPO Allotment Status?
For Western Carriers (India) IPO Allotment status check you can visit this link, select the desired IPO and enter your PAN to check the allotment status.
What is Western Carriers (India) IPO GMP?
You can check out here: Western Carriers (India) IPO GMP. Check all IPO GMP here.