Western Carriers (India) Ltd Gains SEBI Approval for IPO

Western Carriers (India) Ltd Gains SEBI Approval for IPO
Western Carriers (India) Ltd Gains SEBI Approval for IPO
Western Carriers (India) Ltd Gains SEBI Approval for IPO
Western Carriers (India) Ltd Gains SEBI Approval for IPO

Western Carriers (India) Ltd Gains SEBI Approval for IPO

Western Carriers (India) Ltd Gains SEBI Approval for IPO

Mumbai-based Western Carriers (India) Ltd, the largest private multi-modal asset-light logistics company in the country, has received the final approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The company filed its draft red herring prospectus (DRHP) in June, and its IPO plans include an offer for sale (OFS) component by promoter Rajendra Sethia and a fresh issue of equity shares, with a total fundraising target of ₹500 crore.

IPO Details and Use of Proceeds
The Western Carriers IPO consists of an OFS component of up to 93.29 lakh equity shares by the promoter and a fresh issue of equity shares. The net proceeds from the fresh issue will serve multiple purposes, including the repayment of a portion of outstanding debt amounting to ₹200 crore, funding capital expenditures of ₹186 crore for the acquisition of commercial vehicles, specialty containers, standard shipping containers, and reach stackers. The remaining funds will be allocated for general corporate purposes.

Listing and Book-Running Lead Managers
The equity shares offered in the IPO will be listed on both the BSE and NSE. The book-running lead managers (BRLMs) for the IPO are Kotak Mahindra Capital Company Ltd and JM Financial Ltd.

Wide Customer Base and Nationwide Presence
As of December 31, 2022, Western Carriers had a robust customer base of over 1100 clients across diverse industries such as metals and mining, FMCG, pharmaceuticals, construction materials, chemicals, oil and gas, utilities, and others. The company has established a strong pan-India presence with more than 50 branch offices and four zonal offices spanning 23 states. In addition, Western Carriers operates warehouses in 10 states and operates at over 55 major public rake handling points nationwide.

Impressive Financial Performance
For fiscal year 2022, the company reported revenue from operations totaling ₹1,470 crore, with a profit after tax of ₹61 crore.

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