New Delhi, Sep 18 (PTI) The Rs 493-crore initial share sale of logistics company Western Carriers (India) Ltd got subscribed 13.88 times on Wednesday.

The initial public offer received bids for 28,96,23,957 shares against 2,08,68,467 shares on offer, as per NSE data.

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The category for non-institutional investors garnered 20.92 times subscription while Retail Individual Investors (RIIs) subscribed to the offer 18.60 times. Qualified Institutional Buyers (QIBs) fetched 14 per cent subscription.

Last Thursday, Western Carriers (India) said it has mobilised Rs 148 crore from anchor investors. The Kolkata-based company's initial public offering (IPO) is available for subscription in the price range of Rs 163-172 per share.

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The IPO comprises a fresh issue of equity shares, aggregating up to Rs 400 crore and an offer-for-sale (OFS) of up to 54 lakh equity shares worth Rs 93 crore, at the upper end of the price band by promoter Rajendra Sethia.

Proceeds from the fresh issue to the tune of Rs 163.5 crore will be used for debt payment, Rs 152 crore for funding capital expenditure requirements towards the purchase of commercial vehicles, shipping containers, and reach stackers, and the remaining funds towards general corporate purposes.

Western Carriers is India's leading private, multi-modal, rail-focused, asset-light logistics company, with a customer base of 1,647 across varied sectors like metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024.

Some of its key customers are Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals and Gujarat Heavy Chemicals, among others.

JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the offer. The equity shares are proposed to be listed on the BSE and NSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)