Western Carriers India IPO Allotment Status Update: Key Insights for Investors on September 20, 2024
investors are eagerly awaiting the allotment results for the Western Carriers (India) Limited IPO. This public offering has generated significant interest among investors, with a remarkable subscription rate and a robust grey market premium. The IPO opened for subscription on September 13 and closed on September 19, attracting bids well beyond the available shares.
Main Points
- 1 Western Carriers India IPO Subscription Overview
- 2 Western Carriers India IPO Allotment Process
- 3 Western Carriers India IPO How to Check Allotment Status
- 4 Western Carriers India IPO Grey Market Premium
- 5 Western Carriers India IPO Listing Date
- 6 Company Background
- 7 Western Carriers India IPO Future Prospects
Western Carriers India IPO Subscription Overview
The Western Carriers IPO was highly anticipated, with a total issue size of ₹492.88 crores. The price band was set between ₹163 and ₹172 per share. Notably, the offering included a fresh issue of 2.33 crore shares worth ₹400 crores and an offer for sale of 0.54 crore shares valued at ₹92.88 crores.On the final day of bidding, the IPO saw overwhelming demand, with overall subscriptions reaching 30.42 times the available shares. The breakdown of subscriptions highlighted strong interest from various investor categories:
- Qualified Institutional Buyers (QIBs): Subscribed 27.99 times
- Non-Institutional Investors (NIIs): Subscribed 44.65 times
- Retail Individual Investors (RIIs): Subscribed 25.69 times
This high level of interest indicates a strong market sentiment towards Western Carriers, which is recognized as India’s largest private multimodal logistics provider.
Western Carriers India IPO Allotment Process
The allotment status for the Western Carriers IPO will be finalized today, September 20, 2024. Investors can check their allotment status through two primary channels: the BSE website and Link Intime India, the IPO registrar.
Western Carriers India IPO How to Check Allotment Status
To check your allotment status on the BSE website:
- Visit the BSE India website.
- Select ‘Equity’ under the Issue Type.
- Choose ‘Western Carriers (India) Ltd’ from the dropdown menu.
- Enter your Application Number or PAN.
- Complete the CAPTCHA verification and click ‘Submit’.
Alternatively, to check via Link Intime India:
- Go to Link Intime’s official website.
- Select ‘Western Carriers (India) Limited’ from the dropdown menu.
- Choose your identification option (PAN/Application No/DP ID).
- Enter your details as required.
- Click ‘Submit’ to view your allotment status.
Investors can also verify their allotment by checking their bank accounts or Demat accounts for any credited shares.
Western Carriers India IPO Grey Market Premium
As of September 18, 2024, the Grey Market Premium (GMP) for Western Carriers shares was reported at ₹50, indicating strong investor confidence and demand in unofficial trading markets prior to listing. A high GMP typically suggests that investors expect a positive listing on exchanges.
Western Carriers India IPO Listing Date
Following the allotment process today, successful bidders will see their shares credited to their Demat accounts by September 23, 2024. The official listing of Western Carriers shares on both BSE and NSE is scheduled for September 24, 2024.
Company Background
Western Carriers (India) Limited operates as a multi-modal logistics solutions provider in India. Established in March 2011, it has grown to become a leader in asset-light logistics services that combine rail and road transportation effectively. The company operates over 50 branches across the country and serves a diverse clientele including major corporations like Tata Steel and Hindalco Industries.The funds raised from this IPO are intended for several strategic purposes:
- Prepayment of outstanding borrowings
- Capital expenditure for purchasing commercial vehicles
- General corporate purposes
With a commitment to customer-centric service and operational efficiency, Western Carriers aims to enhance its service offerings further with this influx of capital.
Western Carriers India IPO Future Prospects
The successful completion of this IPO will position Western Carriers for future growth opportunities in India’s expanding logistics sector. The company’s asset-light model allows it to adapt quickly to market demands while maintaining cost efficiency.
Investors should stay tuned for updates regarding their allotment status today and prepare for potential trading opportunities following the listing next week.
