Western Carriers has raised ₹148 crore from anchor investors just before its initial public offering (IPO) opens for bidding.
The company has allocated 85,96,743 shares at the upper price of ₹172 each to 15 anchor investors. This includes a premium of ₹167 per share, with a face value of ₹5. Notable participants in this round include Kotak Mahindra, Motilal Oswal, and Aditya Birla Sun Life.
Out of the total shares allocated, 46.45% (39,92,952 shares) went to 4 domestic mutual funds through 6 different schemes.
IPO Details
- Bidding Dates: The IPO will be open from Friday, September 13, to Wednesday, September 18.
- Shares Issued: Western Carriers aims to raise ₹492.88 crore by issuing 2.87 crore shares. This includes selling 0.54 crore shares for ₹92.88 crore and issuing up to 2.33 crore new shares, totalling ₹400 crore.
- Price Band: Retail investors can buy shares in lots of 87, priced between ₹163 and ₹172 each. The cost for one lot at the highest price is ₹14,964. Retail investors can apply for up to 13 lots.
- Allocation: The net offer is divided as follows: 15% for non-institutional investors, 35% for retail investors, and 50% for qualified institutional buyers.
IPO Management
- Registrar: Link Intime India Private Ltd
- Book-Running Lead Managers: JM Financial Limited and Kotak Mahindra Capital Company Limited
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