Shares of Western Carriers (India) made a muted debut on the bourses on Tuesday because the logistics options supplier commenced its buying and selling at Rs 170 on BSE, a reduction of 1.16 per cent over its challenge worth of Rs 172. Equally, the inventory was listed on a flat observe at Rs 171 on NSE, only a rupee under the given challenge worth.
The itemizing of Western Carriers (India) has been muted than the expectations. Forward of its itemizing, the gray market premium (GMP) for the shares of Western Carriers (India) dropped to Rs 10-13 per shares, suggesting a list pop of merely 7-8 per cent for the buyers.
The five-day IPO of Western Carriers India was open for bidding between September 13-19. The corporate had supplied its shares within the mounted worth band of Rs 163-172 per share with so much measurement of 87 shares. It raised a complete of Rs 492.88 crore from its IPO, which included a recent share sale of as much as Rs 400 crore and an offer-for-sale (OFS) of as much as 54 lakh shares.
Western Carriers has generated respectable market demand, with its challenge subscribed almost 31 instances and set to listing on Tuesday, anticipating a premium of solely 6 per cent above the higher band worth, stated Akriti Mehrotra, Analysis Analyst at Stoxbox. As a dominant participant in India’s logistics sector, She advisable buyers to carry their positions for the medium to long run.
The problem was general subscribed a complete of 30.57 instances. The quota for certified institutional bidders (QIBs) was booked 27.99 instances. The quota for non-institutional buyers was subscribed 44.71 instances. The parts reserved for retail buyers noticed bidding for 25.95 instances throughout the five-day bidding course of.
Included in 2011, Western Carriers India is a multimodal, rail-focused, 4PL asset-light logistics firm. The corporate gives absolutely customizable, multi-modal logistics options encompassing street, rail, water, and air transportation and a tailor-made vary of value-added companies to sectors reminiscent of metals, FMCG, prescribed drugs, chemical substances, engineering, oil and fuel and retail.
JM Monetary and Kotak Mahindra Capital Firm have been the ebook working lead managers of the Western Carriers India IPO, whereas Hyperlink Intime India was the registrar for the difficulty.
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