Western Carriers files IPO papers with Sebi

Logistics company Western Carriers (India) Ltd has filed preliminary filings with capital markets regulator Sebi to raise funds in an initial public offering (IPO). The IPO includes a new issue of shares with a total value of up to Rs.500 crore and an offer to sell (OFS) of up to 93.29 lakh shares by promoter Rajendra Sethia, according to the Draft Red Herring Prospectus (DRHP).

The Company may consider a pre-IPO placement of up to Rs.100 crore. When such placement is completed, the volume of the reissue will be reduced.

The Kolkata-based company proposes to use the net proceeds from the new issuance to pay off debt of 200 billion Shipping containers and reachstackers; and balance with general corporate purposes.

Western Carriers is India’s leading private multi-modal, rail-focused, asset-light logistics company with a customer base of over 1,100 clients across diverse industries such as Metals & Mining, FMCG, Pharma, Building Materials, Chemicals, Oil & Gas and Utilities as of December 2022 .

Key customers include companies such as Tata Steel, Hindalco Industries, Vedanta, JSW, HUL, Coca Cola India, Tata Consumer Products, Cipla, Haldia Petrochemicals and Gujarat Heavy Chemicals.

In fiscal year 2022, the company’s operating income was Rs. 1,470 crore and profit after tax was Rs. 61 crore.

JM Financial Ltd and Kotak Mahindra Capital Company Ltd are the book-running lead managers of this offering. It is proposed that the shares will be listed on the BSE and NSE.

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