WTI Cabs lists at 32% premium over IPO price on NSE SME

Wise Travel India Cabs IPO: Ahead of the listing, the shares were commanding a 48 percent premium in the grey market

The Wise Travel India (WTI) Cabs stock listed at a 32.6 percent premium over the IPO price on February 19. The stock opened at Rs 195 on the NSE SME platform against the issue price of Rs 147.

Ahead of the listing, the share was commanding a 48 percent premium in the grey market, an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market to get an idea of the listing price.

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The offer was subscribed 160 times with the retail portion getting booked 108 times. The public offer opened for subscription on February 12 and closed on February 14. The price band for the issue was fixed at Rs 140-147 per share.

The company raised Rs 94.68 crore through the offer, which was entirely a fresh issue of 64.4 lakh shares.

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The company plans to use the proceeds to meet working capital requirements and for general corporate expenses.

WTI offers car rentals and transportation services in Delhi, Mumbai, Pune, Hyderabad, Bangalore, Chennai, Chandigarh, Ahmedabad, Guwahati, Jaipur and Kolkata. Its client base includes Nokia, IndiGrid, Amazon, Microsoft, Tesco, Vedanta, Indigo, RBS, Coca-Cola American Express, Renault, LinkediN, Hitachi, Cheli, Sapient and Panasonic, etc.