Western Carriers (India) Ltd IPO
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Western Carriers (India) Ltd IPO Details
Details
| Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
|---|---|---|---|---|---|
| ₹ 286.56 L | ₹ 54 L | ₹ 100.3 L | ₹ 786.94 L | BSE | ₹ 492.88 Cr |
| IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
| 13 Sep, 24 | 19 Sep, 24 | 87 | ₹ 14,181 | Book Building | 24 Sep, 24 |
Western Carriers (India) Ltd IPO Dates
Details
| Sector | Type |
|---|---|
| Sector | Miscellaneous |
| Sub Sector | NA |
| Issue Type | Book Building |
Subscription Status
*Values are in Lakhs
| Investor Type | Subscription Times | Shares Offered* | Shares Bid* |
|---|---|---|---|
| QIB | 11.52x | 14327907 | 165092679 |
| NII | 46.72x | 4298372 | 200804700 |
| Retail | 27.12x | 10029535 | 271956519 |
| Employee | 0x | 0 | 0 |
| Total | 22.26x | 28655814 | 637853898 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
Western Carriers (India) Ltd Financial Status
Income Statement
Balance Sheet
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Revenue from operations | 129.63 | 111.32 | 94.96 |
| EBITDA | 150.87 | 126.59 | 106.56 |
| PAT | 80.33 | 71.55 | 61.12 |
| Total Assets | 623.91 | 467.89 | 375.13 |
| Share Capital | 39.35 | 39.35 | 39.35 |
| Total Borrowings | 337.31 | 260.59 | 194.97 |
| Operating Activities (Net Cash) | 101.57 | 86.82 | 72.72 |
| Investing Activities (Net Cash) | 3.28 | -1.60 | -1.61 |
| Financing Activities (Net Cash) | 337.31 | 260.59 | 194.97 |
| Net Cashflow | 26.87 | 19.55 | 13.20 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
About Western Carriers (India) Ltd
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.
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.
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.
Peer Comparison:
- Container Corporation Of India Ltd
- Mahindra Logistics Ltd
- TCI Express Ltd
Western Carriers (India) Ltd IPO Key Points
Strengths
- 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.
Risk
- 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.
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.
- 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.
How To Apply for Western Carriers (India) Ltd IPO Online?
Step 1:
Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.
Step 2:
From the list of open IPOs, select the IPO you want to invest.
Step 3:
Go through the IPO details like lot size, price band, about the company, etc.
Step 4:
Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.
Step 5:
Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.