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

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

Vaamanaa Sethi
Published12 Sep 2024, 10:05 PM IST
Western Carriers (India) IPO opens tomorrow: 10 key points to know before you subscribe to  <span class='webrupee'>₹</span>493 crore issue.
Western Carriers (India) IPO opens tomorrow: 10 key points to know before you subscribe to ₹493 crore issue.(Pixabay)

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.

Also Read | Western Carriers IPO opens tomorrow: 10 key points to know before you subscribe

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.

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First Published:12 Sep 2024, 10:05 PM IST
Business NewsMarketsIPOWestern Carriers IPO: Firm garners ₹148 crore from anchor investors ahead of public issue

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