Logistics firm Western Carriers files for IPO

New Delhi, June 9 – Western Carriers, a logistics company, has recently submitted preliminary documents to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) aimed at raising approximately 500 crore rupees.

According to the draft red herring prospectus (DRHP) filed with SEBI, the IPO entails the issuance of fresh equity shares worth up to 500 crore rupees, along with a proposed sale of up to 9.329 million equity shares by promoter Rajendra Sethia.

Additionally, the company is considering allocating up to 100 crore rupees from the IPO proceeds for pre-allotment of shares. In such a scenario, the number of fresh shares offered in the IPO may be reduced.

The company based in Kolkata has proposed to utilize the funds raised through the IPO to repay a debt of 200 crore rupees and meet capital expenditure requirements of 186 crore rupees.