Western Carriers (India) Ltd., a multi-modal, rail-focused, 4PL asset-light logistics company, has filed a draft red-herring prospectus (DRHP) with SEBI to raise funds through an initial public offering (IPO).
The company operates on an asset-light business model which enables it to provide differentiated 3PL and 4PL solutions.
According to the draft red-herring prospectus, the IPO of the Kolkata-based logistics company comprises fresh issue of equity shares aggregating up to ₹500 crore and an offer for sale of up to 93,28,995 equity shares by Rajendra Sethia, promoter.
The company proposes to utilise the net proceeds from the fresh issue towards prepayment or scheduled repayment of a portion of certain outstanding borrowings of ₹200 crore; funding of capital expenditure requirements of ₹186 crore towards purchase of commercial vehicles; 40 feet specialised containers and 20 feet normal shipping containers; and reach stackers, and balance towards general corporate purposes.
The company, in consultation with the book running lead managers, may undertake a Pre-IPO placement, for cash consideration aggregating up to ₹100 crore prior to the filing of the RHP.
If the Pre-IPO placement is completed, the fresh issue size will be reduced to the extent of such Pre-IPO placement.
As of fiscal 2022, the company’s revenue from operations was ₹1,470 crore, with a PAT of ₹61 crore. The equity shares are proposed to be listed on BSE and NSE.
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