Western Carriers listing: Shares fall further after weak debut

Western Carriers in Tuesday's trade (September 24) after a weak debut below the IPO price recovered marginally. After listing at Rs 170 per share against the issue price of Rs 172, the stock at the last count was again dragged lower by over 2 per cent.

The stock has been trading in a range and its day's high and low price are Rs 164.95 and Rs 177 per share, respectively.

Western Carriers (India) IPO is a book-built issue worth Rs 492.88 crore, comprising a fresh issue of 2.33 crore shares, raising Rs 400 crore, and an offer for sale (OFS) of 0.54 crore shares, raising Rs 92.88 crore.

The company's issue which remained open between September 13 to September 19 drew strong investor response and was subscribed over 30.57 times, led by 44.7 times subscribption by the non-institutional investor category.

The logistics company had been given a 'subscribe' to the issue from the long-term perspective by Zee Business Managing Editor Anil Singhvi. 

Incorporated in 2011, the company is a private, multi-modal, rail-focused 4PL asset-light logistics provider. It offers customized and end-to-end integrated logistics solutions with value-added services across the supply chain.