Shares of logistics company Western Carriers (India) made a tepid market debut on Tuesday and ended its first session with a discount of over 7 percent against the issue price of Rs 172 apiece.
The stock was listed at Rs 170, about 1 percent lower from the issue price on the BSE. During the day, it declined 7.84 percent to Rs 158.50. Shares of the logistics firm ended at Rs 159.45, a discount of 7.29 percent.
At the NSE, the stock made its market debut at Rs 171, reflecting a discount of 0.58 percent. It finally ended at Rs 159.40, a fall of 7.32 percent.
The company's market valuation stood at Rs 1,625.68 crore.
In traded volume terms, 17.42 lakh shares of the firm were traded at the BSE and 167.66 lakh scrip at the NSE during the day. The initial public offer of Western Carriers (India) Ltd garnered 30.46 times subscription on the final day of bidding on Thursday.
The Rs 493-crore initial share sale had a price band of Rs 163-172 per share.
The IPO had a fresh issue of equity shares, aggregating up to Rs 400 crore and an offer-for-sale (OFS) of up to 54 lakh equity shares worth Rs 93 crore, at the upper end of the price band.
Proceeds from the fresh issue to the tune of Rs 163.5 crore will be used for debt payment, Rs 152 crore for funding capital expenditure requirements towards the purchase of commercial vehicles, shipping containers, and reach stackers, and the remaining funds towards general corporate purposes.
Western Carriers is India's leading private, multimodal, rail-focused, asset-light logistics company, with a customer base of 1,647 across varied sectors like metals and mining, FMCG, pharmaceutical, building materials, chemicals, oil and gas, and utilities as of March 2024.
Some of its key customers are Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Tata Consumer Products, Wagh Bakri, Cipla, Haldia Petrochemicals and Gujarat Heavy Chemicals, among others.
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