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Business News/ Markets / Stock Markets/  WTI Cabs IPO price band set at 140- 147: Issue to open for subscription on 12 February
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WTI Cabs IPO price band set at ₹140- 147: Issue to open for subscription on 12 February

WTI Cabs IPO: Wise Travel India Limited has set price Band for its initial public offering at ₹140 to ₹147 a piece. The issue opens for subscription on February 12, 2024 and closes on February 14, 2024.

WTI Cabs IPO price Band set at ₹140-147. (Photo: Courtesy WTicabs)Premium
WTI Cabs IPO price Band set at 140-147. (Photo: Courtesy WTicabs)

WTI Cabs IPO: Wise Travel India Limited Ltd has set the price Band for its initial public offering at 140 to 147.  The issue opens for subscription on February 12, 2024 and closes on February 14, 2024.

The allotment for the WTI Cabs IPO is expected to be finalized on Thursday, February 15, 2024. WTI Cabs IPO will list on NSE SME  and tentative listing date of listing is fixed as Monday, February 19, 2024.

The minimum lot size for an application is 1000 Shares. The minimum amount of investment required by retail investors is 147,000. The minimum lot size investment for HNI is 2 lots (2,000 shares) amounting to 294,000.

WTI Cabs IPO is a book built issue of 94.68 crores. The issue is entirely a fresh issue of 64.41 lakh share

The shares of WTI Cabs are available in the Grey Market. According to investorgain.com, the shares of  WTI Cabs are available at a premium of 75 in grey market today. The GMP indicates that investors were expecting listing of the shares at 222, 51.2% premium over the issue price of Rs147 at the upper band of the IPO price.

Also Read- Jana Small Finance Bank IPO opens next week. Price band fixed at 393 to 414 per share

WTI Cabs company details

WTicabs, a leading provider of premium cab services, is experiencing substantial growth while providing self-employment opportunities for drivers. The company, established in 2009, currently offers comprehensive transportation solutions to the corporate sector in over 250 cities across India. WTicabs is now planning to expand its operations internationally, starting with the launch of services in major international cities, beginning with Dubai. Ashok Vashist, the founder and CEO of WTicabs, revealed that the company has obtained a car rental license in Dubai and will soon commence business operations in the city. Following this, there are plans to initiate business in other global cities in the coming years.

WTI Cabs' financials

In the pre-COVID fiscal year 2019-20, the company's revenue reached 204 crore. Although the COVID-19 pandemic impacted revenue, it rebounded in the fiscal year 2022-23, reaching 250 crore, resulting in a net profit of 10.29 crore. The company anticipates total revenue of 400 crore in the current fiscal year. In the first half (April-September 2023), WTI Cabs reported total revenue of 190 crore, with a net profit of 11.33 crore rupees.

Also Read- Rashi Peripherals IPO: Madhu Kela wife-backed firm sets IPO price band at 295-311; issue to open on February 7

WTI Cabs corporate clientele

Company's promoter Ashok Vashist discussed WTicaps' business model, stating that the company provides complete transportation solutions to the corporate sector, including software, manpower, and fleet services tailored to their needs. The company boasts a fleet of over 8,000 vehicles, including various models such as Innova Crysta, Mercedes Benz, MG Hector, Tempo Traveler, and more. WTicaps engages in long-term contracts (service contracts) with corporate clients, and currently, it has service contracts with over 500 companies, including several prominent multinational corporations from various countries.

Approximately 85% of the company's business comes from the business-to-business (B2B) segment, with the remaining 15% coming from individual customers. The company operates counters at 17 airports across the country, with offices in major cities, including Mumbai and Delhi. The company's workforce has grown to over 750 employees, up from 500 in 2020.

 

 

 

 

 

 

 

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Published: 02 Feb 2024, 05:44 PM IST
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