Western Carriers India is scheduled to finalize the basis of allotment of its shares on Friday, September 20. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Monday, September 23. The Kolkata-based logistics solutions player had received a decent response from the investors.
The IPO of Western Carriers India was open for bidding between September 13 and September 19. It had offered its shares in the fixed price band of Rs 163-172 per share with a lot size of 87 shares. The company raised a total of Rs 492.88 crore from its IPO, which included a fresh share sale of up to Rs 400 crore and an offer-for-sale (OFS) of up to 54 lakh shares.
The issue was overall subscribed a total of 30.57 times. The quota for qualified institutional bidders (QIBs) was booked 27.99 times. The quota for non-institutional investors was subscribed 44.71 times. The portions reserved for retail investors saw bidding for 25.95 times during the five-day bidding process.
Grey market premium (GMP) of Western Carriers India has seen a sharp correction higher after a muted bidding for the issue amid the volatile broader market sentiments. Last heard, the company was commanding a premium of Rs 20 per share, suggesting a listing pop of nearly 12 per cent for the investors. However, it was around Rs 57-60 on the first day of the bidding.
Incorporated in 2011, Western Carriers India is a multimodal, rail-focused, 4PL asset-light logistics company. The company offers fully customizable, multi-modal logistics solutions encompassing road, rail, water, and air transportation and a tailored range of value-added services to sectors such as metals, FMCG, pharmaceuticals, chemicals, engineering, oil and gas and retail.
Brokerages were mostly positive on the issue suggesting investors to subscribe to it for a long term citing its rising market share, better return ratios, asset light model, rising demand for logistics products and attractive pricing. However, limited market interest and slow financial growth are major concerns for this IPO.
JM Financial and Kotak Mahindra Capital Company are the book running lead managers of the Western Carriers India IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with Tuesday, September 24 as the tentative date of listing.
Investors, who had bid for the issue of Western Carriers India, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Western Carriers India Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit search button
Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
1) Go to the web portal of Link Intime Limited
2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.