News Desk, News Nation 360 : Western Carriers (India) Limited is launching its IPO on September 13, 2024, with a fresh issue of Equity Shares worth up to ₹4,000 million and an offer for sale of 5,400,000 shares by Promoter Rajendra Sethia. The IPO closes on September 18, 2024, with the price band set between ₹163 and ₹172 per share and a bid lot of 87 shares. Proceeds from the fresh issue will be used for repayment of borrowings (up to ₹1,635 million), capital expenditure for commercial vehicles and containers (up to ₹1,517.10 million), and general corporate purposes. The shares will be listed on BSE and NSE, with NSE as the designated exchange. The offering follows the Book Building Process under SEBI ICDR Regulations, with allocations: up to 50% to QIBs (including up to 60% to Anchor Investors), 15% to Non-Institutional Bidders (sub-divided based on bid size), and 35% to Retail Individual Bidders. QIBs can include domestic mutual funds, while Non-Institutional Bidders have allocations based on application size. All bids (except for Anchor Investors) require the ASBA process or UPI mechanism for blocking funds. JM Financial and Kotak Mahindra Capital are the lead managers, with further details available in the RHP dated September 7, 2024.
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