Western Carriers Files Rs 500 Crore IPO DRHP, Sets Sights on Expansion
Kolkata-based logistics firm Western Carriers (India) Limited has recently submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO) valued at up to INR 500 crore.
The IPO will comprise of a fresh issuance of equity shares totaling up to INR 500 crore, alongside an offer for sale (OFS) of approximately 9.33 million shares by promoter Rajendra Sethia. The exact price of the shares has not been determined at this stage.
The capital raised through the IPO will be allocated towards multiple objectives, including debt repayment, funding capital expenditure initiatives, and supporting general corporate needs.
There is a possibility that the company may engage in a pre-IPO placement, seeking to secure up to INR 100 crore. Should this placement materialize, the size of the fresh issuance will be adjusted accordingly.
Western Carriers stand as India’s leading privately-owned 4PL asset-light logistics enterprise, specializing in multi-modal transportation with a strong focus on rail services. With over five decades of industry experience, the company excels in managing the movement of cargo within India and internationally, utilizing road, rail, and sea/river channels.
JM Financial Limited and Kotak Mahindra Capital Company have been appointed as the book running lead managers for the IPO.
In the fiscal year 2022, Western Carriers achieved a commendable revenue from operations amounting to INR 1,470 crore, resulting in a profit after tax (PAT) of INR 61 crore.
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The company boasts a diverse clientele of over 1,100 customers spanning various sectors, including metals and mining, FMCG, pharmaceuticals, building materials, chemicals, oil and gas, utilities, and more.
With a presence across India, Western Carriers maintains over 50 branch offices and four zonal offices in 23 states. Additionally, it operates warehouses in 10 states and manages operations at more than 55 major public rake handling points throughout the country. This extensive network enables the company to offer comprehensive first-mile and last-mile connectivity to clients operating nationwide, even in remote regions. Notably, Western Carriers (India) Limited handled the highest container volumes among asset-light logistics players during the fiscal year 2022.
The equity shares of Western Carriers are slated for listing on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
About Western Carriers:
Western Carriers Private Limited is a logistics company that provides transportation, warehousing, courier, and freight forwarding solutions. They cater to customers in India.
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