Western Carriers (India) Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹172
Per ShareLot Size
87 Shares
Minimum Investment
₹14,964
Issue Size
₹492.88 Cr
Face Value
₹5
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Western Carriers (India) Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
99.99%
Issue Type
Book Building
ISIN
INE0CJF01024
About the Company
Western Carriers (India) Limited is the largest private, multi-modal, rail focused, 4PL asset-light logistics company in India in terms of container volumes handled by private players in Fiscal 2023. Its domestic and EXIM market share, based upon container volumes handled, was 6% and 2%, respectively, in Fiscal 2023. The Company possesses expertise in facilitating multi-modal transportation across roads, railways, and waterways, catering to both domestic as well as EXIM cargo movements in and out of India. The Company endeavours to address complexities by creating customised, one-stop/single-window, end-to-end and integrated logistics solutions for its customers.
Industry Overview
Logistics sector is a core enabler for the development of India to reach the government's vision of achieving a U.S.$5 trillion economy by the year 2025. Robust expansion led by an increase in public infrastructure spending through policies such as the NLP, the DFCs, Gati Shakti Master Plan (aims to reduce logistics costs to 7% to 8% of GDP). Demand drivers include surging domestic manufacturing and consumption, rise in MSMEs demand supported by Government initiatives such as `Aatmanirbhar Bharat' and ake in India' and an increasing adoption of integrated fulfilment services and digitised supply chains.
Company History
Western Carriers (India) Limited was incorporated as `Western Carriers (India) Private Limited' in Kolkata, West Bengal as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated March 23, 2011, issued by the Deputy Registrar of Companies, West Bengal. Subsequently, the Company was converted into a public limited company pursuant to a special resolution passed in the extraordinary general meeting of its Shareholders held on February 11, 2013 and consequently, the name of the Company was changed to its present name, `Western Carriers (India) Limited', and a fresh certificate of incorporation dated February 28, 2013 was issued by the Registrar of Companies, West Bengal at Kolkata ("RoC") to the Company. Rajendra Sethia, the Promoter Selling Shareholder, transferred his business carried under the name and style `Western Carriers' to the Company on a going concern basis with effect from July 1, 2013.
Products & Services
- The Company is the largest private, multi-modal, rail focused, 4PL asset-light logistics company in India.
Growth Strategy
- Grow its relationships with its existing customers.
- Acquire new customers and expand into new sectors and new geographies.
- Continued focus on improving margins.
- Pursue inorganic growth on an opportunistic basis.
- Continue to invest in its infrastructure capabilities.
- Enhance its technology capabilities.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 28,655,813 equity shares of face value of Rs. 5 each ("Equity Shares") of Western Carriers (India) Limited (The "Company" or the "Issuer") for cash at a price of Rs. 172 per equity share (including a premium of Rs. 167 per equity share) (the "Offer Price") aggregating up to Rs. 492.88 crores (the "Offer") comprising a fresh issue of 23,255,813 equity shares by the company aggregating up to Rs. 400.00 crores (the "Fresh Issue") and an offer for sale of up to 5,400,000 equity shares aggregating to Rs. 92.88 crores (the "Offer for Sale") by Rajendra Sethia (the "Promoter Selling Shareholder" and such equity shares offered by the promoter selling shareholder, the "Offered Shares"). The offer shall constitute 28.11% of the post-offer paid-up equity share capital of the company. The face value of the equity share is Rs.5 each and the offer price is 34.40 times the face value of the equity shares. The Offer Price is Rs. 172 per equity share of face value of Rs. 5 each. Bid cane be made for a minimum of 87 equity shares and in multiples of 87 equity shares thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Experience in delivering customised, end-to-end services and executing complex and customised projects.
- Comprehensive and integrated multi-modal, end-to-end logistics solutions.
- Strong customer relationships with a diverse customer base.
- Strategically positioned to capitalise on a fast-growing logistics market in India.
- Scaled, asset-light business model with successful track record of delivering growth and profitability and experience of its Promoters and the Company.
- The company depends on a limited number of key customers for a majority of its revenues, which exposes the company to a high risk of customer concentration. Particularly, the company depends significantly on customers in the metals and FMCG industries and are highly dependent on the performance of these industries. A decrease in the revenues the company derives from them could materially and adversely affect its business, results of operations, cash flows and financial condition.
- The company operates in the Indian logistics industry and may be adversely affected by certain factors affecting the growth of this industry. Additionally, its business is dependent on the company ability to utilise the logistics infrastructure in an uninterrupted manner. Any disruption or deficiencies in the logistics infrastructure, including those affecting freight and container traffic could impair its operations and adversely affect the company's business and results of operations. Any damage to its brand image or reputation may adversely affect the company's growth.
- There may be delays or defaults in payment by its customers or the tightening of payment periods by thirdparty service providers which could negatively affect its cash flows. As a result, the company experience significant working capital requirements and its inability to meet the company working capital requirements may materially and adversely affect its business, cash flows and financial condition.
- The company depends on its network partners, third-party service providers and vendors /suppliers in certain aspects of its operations and unsatisfactory services provided by them or failures to maintain relationships with them could disrupt its operations.
- The company has a long-standing relationship with an Indian rail container logistics provider, which is currently controlled by the Government. If there is a change in control in this Indian rail container logistics provider, it could adversely affect its relationship with it and its may not be able to enter into arrangements with other third-party service providers at favourable terms and in a timely manner which could materially and adversely affect its business and operations and financial condition.