Western Carriers IPO: Firm garners ₹148 crore from anchor investors ahead of public issue

Western Carriers, on Thursday, announced that the firm has raised ₹148 crore from anchor investors a day before its initial public offering (IPO) opens for bidding.

According to the exchange filing, the company has allocated 85,96,743 shares at the upper price band of ₹172 to 15 anchor investors.

“Western Carriers (India) Limited has allocated 85,96,743 Equity Shares to 15 anchor Investors and raised ₹ 148 crore ahead of company’s proposed IPO at the upper price band of ₹ 172 per equity share (including premium of ₹ 167 per equity share) with face value of ₹ 5 per share,” the filing said.

Kotak Mahindra, Motilal Oswal, Aditya Birla Sun were among the participants in the anchor book round.

The company further informed that out of the total allocation of 85,96,743 equity shares to the anchor investors, 39,92,952 equity shares (i.e. 46.45% of the total allocation to anchor investors) were allocated to 4 domestic mutual funds, which have applied through a total of 6 schemes.

Western Carriers IPO details

Bidding for Western Carriers (India)'s initial public offering (IPO) is expected to begin on Friday, September 13, and run through Wednesday, September 18.

Through this offering, which comprises the issuance of 2.87 crore shares, the company is looking to raise ₹492.88 crore. This includes an offer to sell 0.54 crore shares, valued at ₹92.88 crore, and a new issuance of up to 2.33 crore shares, totaling ₹400 crore.

Retail investors can purchase a lot size of 87 shares, with the IPO price band set between ₹163 and ₹172 per share. For one lot, the price at the top of the range is ₹14,964. A maximum of 13 lots may be applied for by retail investors.

The distribution of the net offer is as follows: 15% goes to non-institutional investors, 35% goes to retail investors, and 50% is set aside for qualified institutional buyers.

The registrant for the IPO is Link Intime India Private Ltd, while the book-running lead managers are JM Financial Limited and Kotak Mahindra Capital Company Limited.