Western Carriers (India), the country’s largest multi-modal asset-light private logistics company, is preparing to launch its initial public offering (IPO). The company has filed a draft proposal with the Securities and Exchange Board of India (SEBI) and plans to issue new shares as well as sell existing ones. The funds raised will be used to repay debt and for capital expenditure.
Details of the Western Carriers IPO:
– The company plans to issue 500 crore rupees worth of new shares under the IPO.
– Promoter Rajendra Sethia can also sell up to 93.3 lakh shares under the offer for sale window. He owns 99.99% stake in the company.
– The company plans to use 200 crore rupees of the funds raised to repay debt and 186 crore rupees for capital expenditure.
– Lead managers for the IPO are JM Financial and Kotak Mahindra Capital.
The company plans to use the funds raised to purchase commercial vehicles, specialized containers, and stackers. As of December 2022, the company had over 400 heavy commercial vehicles, 13 light commercial vehicles, over 400 shipping containers, and 27 stackers. The company provides transportation services through road, rail, and waterways to clients from various sectors, including Tata Steel, Hindalco Industries, Vedanta, and Coca-Cola India.
In the financial year 2022, the company earned revenue of 1,470.88 crore rupees and a net profit of 61.13 crore rupees. In the previous financial year 2021, the company earned a net profit of 44.53 crore rupees. For the current financial year 2022-23, the company earned revenue of 1,206.90 crore rupees and a net profit of 55.09 crore rupees from April to December 2022.
In summary, Western Carriers (India) is planning to launch an IPO and issue new shares. The funds raised will be used to repay debt and for capital expenditure. The company provides transportation services to clients from various sectors and has a fleet of over 400 heavy commercial vehicles. The lead managers for the IPO are JM Financial and Kotak Mahindra Capital.
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