Western Carriers IPO Subscribed 18.61 Times, Led by Strong Retail and NII Demand

Keywords: Western Carriers IPO, Kolkata-based logistics company, IPO subscription, retail investors, non-institutional investors (NIIs), anchor investors, market capitalisation, IPO bidding

The initial public offering (IPO) of Western Carriers (India) Ltd, a Kolkata-based logistics company, received a robust response from investors, with the issue being subscribed 18.61 times on its final day of bidding, Thursday. The overwhelming demand was primarily driven by non-institutional investors (NIIs) and retail investors.

The company had already raised ₹148 crore from prominent anchor investors prior to the IPO opening. Notable investors include Societe Generale, Citigroup Global Markets Mauritius, Aditya Birla Sun Life Insurance Company, Kotak Mahindra Life Insurance Company, and Motilal Oswal Mutual Fund (MF).

The IPO offered shares in the price range of ₹163-172 per share. At the upper end of this range, Western Carriers will have a post-listing market capitalisation of ₹1,754 crore. The issue attracted bids for 38.84 crore shares against an offer size of 2.08 crore equity shares. While the portion reserved for qualified institutional buyers (QIBs) was subscribed 0.37 times, NIIs oversubscribed their portion by 33.30 times, and the retail investor quota was subscribed 22.58 times.

In the unlisted market, shares of Western Carriers are trading at a ₹35 premium, reflecting a 20% increase over the issue price, though this premium was lower than the previous day’s ₹50 grey market premium (GMP).

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