Western Carriers India IPO Day 2: GMP, Subscription Status to Review. Apply or Not?
About the Company
- Western Carriers India is the third largest container depot operator in India and one of the largest in South Asia. - The company offers a range of services, including container handling, transportation, warehousing, and value-added services. - Western Carriers India has a strong presence in India's major ports, including Mumbai, Jawaharlal Nehru Port Trust (JNPT), Chennai, and Kolkata. - The company's customers include leading shipping lines, freight forwarders, and container leasing companies.
IPO Details
- The company plans to raise Rs 1,045 crore through its IPO. - The price band for the IPO has been set at Rs 210-220 per share. - The IPO will open for subscription on October 28, 2023, and close on October 31, 2023. - The company has reserved 50% of the issue for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors.
GMP and Subscription Status
- The gray market premium (GMP) for Western Carriers India IPO is currently Rs 15-20. - This indicates that the stock is likely to list at a premium of Rs 15-20 to its issue price. - The IPO has been subscribed 0.56 times on the first day of bidding. - The retail portion of the IPO has been subscribed 0.18 times, while the QIB portion has been subscribed 0.05 times.
Should You Apply?
- The company is a leader in the container depot industry in India. - The company has a strong financial track record and a growing customer base. - The IPO is priced attractively at the lower end of the price band. - The GMP indicates that the stock is likely to list at a premium. - However, the IPO has been subscribed only 0.56 times on the first day of bidding. This indicates that there is not a lot of demand for the IPO. - Investors should consider all of these factors before deciding whether or not to apply for the IPO.
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