Western Carriers was listed at Rs 171 on the National Stock Exchange, below its issue price of Rs 172. The company’s shares were fetching a grey market premium of 9%. However, the listing was way below the GMP. The IPO was subscribed almost 32 times more than the offered shares.
Western Carriers IPO Detail
The company opened the IPO on September 13 and closed on September 19, collecting Rs 492.88 crore. The company raised funds through the sale of 2.33 crore fresh shares and 92.88 crore secondary shares. The allotment of shares was finalised on September 20. The IPO price band ranged between Rs 163 to Rs 172 per equity share.
Minimum Investment Required
A retail buyer had to apply for a minimum of one lot that contained 87 shares, translating into an amount of Rs 14,964. The small and big non-institutional investors had different minimum investment requirements.
BRLMs and Registrar
JM Financial and Kotak Mahindra Capital Company were the lead book runners of the Western Carriers (India) IPO. Link Intime India Private was the registrar for the issue.
