Western Carriers India IPO: GMP signals disappointing trend ahead of share listing date today

Western Carriers IPO: The initial public offering (IPO) of Western Carriers (India) Ltd has ended with strong subscription numbers. Western Carriers IPO allotment has been finalised and the investors now await the announcement of Western Carriers IPO listing date.

The bidding period for the IPO was during September 13 to 19 and Western Carriers IPO allotment was fixed on September 20. According to the ‘T+3’ listing rule, Western Carriers IPO listing date is likely to be September 24.

“Trading members of the Exchange are hereby informed that the equity shares of Western Carriers (India) Limited shall be listed and admitted to dealings on the Exchange in due course,” a notice on BSE said.

Ahead of the share listing, investors are expected to remain vigilant about the grey market premium (GMP) for Western Carriers India IPO.

Western Carriers IPO GMP

Western Carriers India shares are showing a muted trend in the unlisted market. Western Carriers IPO GMP today, or grey market premium today, has dropped to ₹10 per share, according to stock market observers. Analysts believe that the tepid Western Carriers India IPO GMP is likely on the back of bullish momentum in the secondary market as the frontline indices, Sensex and Nifty 50 hit a record high.

Western Carriers IPO Listing Price

Western Carriers IPO GMP indicates that the equity shares of the company are trading higher by ₹10 in the grey market as compared to their issue price. Considering the Western Carriers IPO GMP today and the issue price, the estimated Western Carriers IPO listing price is ₹182 per share, which is at a premium of just 5.81% to the IPO price of ₹172 per share.

This means that the Western Carriers IPO grey market premium signals a positive return upon listing, but not a very bullish return for the IPO investors.

Western Carriers IPO Details

Western Carriers IPO opened for subscription on Friday, September 13, and closed on Thursday, September 19. The IPO allotment was finalized on September 20 and the Western Carriers IPO listing date is September 24, Tuesday. Western Carriers shares will be listed on both the stock exchanges, BSE and NSE.

The company raised ₹492.88 crore from the book-built issue which was a combination of fresh issue of 2.33 crore equity shares amounting to ₹400 crore and an offer-for-sale (OFS) component of 54 lakh equity shares worth ₹92.88 crore. Western Carriers IPO price band was set at ₹163 to ₹172 per share.

Western Carriers (India) IPO subscribed 30.57 times in total. The public issue subscribed 25.95 times in the retail category, 27.99 times in Qualified Institutional Buyers (QIBs) segment, and 44.71 times in the Non Institutional Investors (NII) category.

JM Financial and Kotak Mahindra Capital Company are the book running lead managers of the Western Carriers (India) IPO, while Link Intime India Private Ltd is the IPO registrar.

Western Carriers (India) Limited is a Multi-modal, rail-focused, 4PL asset-light logistics company. The company proposes to utilise the net issue proceeds for prepayment or scheduled repayment of a portion of certain outstanding borrowings, funding of capital expenditure requirements and for general corporate purposes.

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