Western Carriers raises Rs148cr from anchor investors pre-IPO

NEW DELHI: Western Carriers (India), the logistics company, on Thursday said it has raised Rs148 crore from anchor investors as subscription to its initial public offering (IPO) is set to open for public.

Aditya Birla Sun Life Insurance Company, Kotak Mahindra Life Insurance Company, Motilal Oswal Mutual Fund (MF), Kotak MF, Aditya Birla Sun Life MF, Nippon India MF, BNP Paribas, Societe Generale and Citigroup Global Markets Mauritius are the major anchor investors invested in Western Carriers (India) shares today (Thursday).

Anchor investor

Anchor investors in an IPO (Initial Public Offering) in India are institutional investors who are invited to invest in a company before the IPO opens to the general public. They play a crucial role in the success of an IPO by ensuring that there is a strong demand for the shares from credible, long-term investors, which boosts market confidence.

The company has allotted 85.97 lakh equity shares to 15 funds at Rs172 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE’s website.

 This aggregates the transaction size to Rs148 crore.

Bidding from Friday

The initial public offering (IPO) of Western Carriers (India) is scheduled to open for bidding on Friday, September 13, and will remain open until Wednesday, September 18. 

The company aims to raise Rs492.88 crore through this offering, which includes the issuance of 2.87 crore shares.

This comprises a fresh issue of up to 2.33 crore shares, aggregating to Rs400 crore, and an offer for sale (OFS) of 0.54 crore shares, amounting to Rs92.88 crore.

The company is one of India’s largest private, multi-modal, rail-focused, 4PL asset-light logistics firm in terms of container volumes handled/operated by private players in Fiscal 2023.