Western Carriers India IPO Day 2: GMP Soars, Subscription Status Strong—Is It Time to Apply?

The IPO for Western Carriers (India) Limited started on September 13, 2024, and will continue until September 18, 2024. The price for the shares is set between ₹163 and ₹172 each. The company hopes to raise ₹492.88 crore through this IPO, which includes new shares and an Offer for Sale (OFS). The shares will be listed on the BSE and NSE.

Grey Market Premium

After one day of bidding, Western Carriers’ shares are trading at a premium of ₹58 in the grey market. This is a significant increase from the ₹30 premium on the first day. This rise in the grey market premium suggests a positive outlook from investors.

Subscription Status

As of 11:03 AM on the second day, the IPO has been subscribed 1.98 times overall. The retail portion is fully booked, with 3.16 times the demand. The Non-Institutional Investors (NII) segment is 1.79 times subscribed, while the Qualified Institutional Buyers (QIB) portion has received minimal bids.

IPO Review

Anshul Jain from Lakshimishree Investment and Securities Ltd recommends subscribing to the IPO. He notes that Western Carriers has a strong financial record and is well-positioned in the growing logistics sector. The company has shown consistent profitability and has invested in technology to improve efficiency.

Akriti Mehrotra from StoxBox also suggests subscribing. She highlights that the IPO is priced attractively compared to its peers, with a P/E ratio of 16.8x based on FY24 earnings. She believes the company’s strong financials and growth potential make it a good investment for the medium to long term.