Western Carriers (India) IPO
Western Carriers (India) IPO — date, price band, lot size & details 2024
Western Carriers (India) listed on 24 Sep 2024 at ₹171, 0.6% below the ₹172 issue price.
Western Carriers (India) is the largest private, multi-modal, rail-focused, asset-light 4PL logistics company in India by container volumes. Its total income was Rs 1,691.41 crore in FY2024.
Stock price
Western Carriers (India) is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 13 Sep 2024
- Close 19 Sep 2024
- Allotment 20 Sep 2024
- Refund/credit 23 Sep 2024
- Listing 24 Sep 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 13 to 19 Sep, 2024 |
|---|---|
| Price Band | ₹163 – ₹172 |
| Face Value | ₹5 |
| Lot Size | 87 Shares |
| Issue Size | ₹492.88 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,964 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 87 shares at the ₹172 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 87 | ₹14,964 |
| Retail (max) | 13 | 1,131 | ₹1,94,532 |
| S-HNI (min) | 14 | 1,218 | ₹2,09,496 |
| S-HNI (max) | 66 | 5,742 | ₹9,87,624 |
| B-HNI (min) | 67 | 5,829 | ₹10,02,588 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 61.13 crore in FY2022 to Rs 80.35 crore in FY2024.
- 02The pre-issue P/E was 16.85 at the upper band of Rs 172, based on EPS of Rs 10.21.
- 03Rs 400.00 crore of the issue was fresh capital for debt repayment and equipment.
- 04It had 6% of domestic container volumes in Fiscal 2023.
- 05The source puts return on net worth at 20.17%.
Risks · 5
- 01Total income grew slowly, from Rs 1,637.84 crore in FY2023 to Rs 1,691.41 crore in FY2024.
- 02Margins are thin, and the source puts the PAT margin at 4.77%.
- 03Total borrowing rose from Rs 150.40 crore on 31 March 2022 to Rs 266.00 crore on 31 March 2024.
- 04It depends on rail capacity and a few large customers, and freight rates can swing. Debt to equity was 0.67 as per the source.
- 05Promoters held 99.99% before the issue and 71.89% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Western Carriers (India) offer document.
| Metric | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 754.01 | 604.14 | 490.33 |
| Total Income | 1,691.41 | 1,637.84 | 1,475.79 |
| Profit After Tax | 80.35 | 71.57 | 61.13 |
| NET Worth | 398.36 | 318.61 | 257.58 |
| Total Borrowing | 266.00 | 210.47 | 150.40 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Western Carriers (India) RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Western Carriers (India) IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹10.21 | ₹7.88 |
| P/E Ratio (x) | 16.85 | 21.83 |
| Market Cap at Offer Price (₹ Cr) | ₹1,353.59 | ₹1,753.83 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹172 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹362.94 Cr of the issue is earmarked to named objects.
Western Carriers (India) IPO Anchor Investors
15 anchor investors across 12 fund houses committed ₹147.85 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Its domestic and EXIM market shares by container volume were 6% and 2% in Fiscal 2023. It has years of experience moving goods by road, rail and sea or river for domestic and export-import customers.
Its promoters are Rajendra Sethia and Kanishka Sethia.
The IPO was Rs 492.88 crore, with Rs 400.00 crore of fresh issue and Rs 92.88 crore of offer for sale by Rajendra Sethia. Rs 163.50 crore was planned for repaying borrowings and Rs 151.71 crore for vehicles, containers and reach stackers.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Western Carriers (India) IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
172 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
Kotak Mahindra Capital Company Limited
204 issues handledBest listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Western Carriers (India)?
The current Grey Market Premium is ₹15, or 9% over the issue price.
What is the Western Carriers (India) IPO price band?
₹163 to ₹172, on a face value of ₹5.
When is the allotment?
The basis of allotment is 20 September 2024, with listing on 24 September 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
