1 day Ago By Divya Prata
The initial public offering of Western Carriers (India) Ltd. was subscribed 13.89 times on its fourth day of subscription on Wednesday.
The issue saw strong response from non-institutional and retail investors. The offering was subscribed 9.4 times on Tuesday, 4.
84 times on Monday, and 0.85 times on Friday. The company is looking to mop up Rs 492.
9 crore. The IPO consists of a fresh issue of Rs 400 crore and an offer for sale of shares worth Rs 92.9 crore.
The price band has been set at Rs 163–172 per share for the issue, which will close on Sept. 19. The market value of the company at the upper end of the price band is Rs 1,754 crore.
The listing is expected to take place on Sept. 23. It raised Rs 147.
9 crore from anchor investors a day ahead of its IPO. The company allotted approximately 86 lakh shares at Rs 172 apiece to 15 anchor investors. The IPO has been subscribed 17.
92 times as of 12:03 p.m. on Thursday.
Institutional investors: 0.26 or 26%. Non-institutional investors: 31.
49 times. Retail investors: 22.05 times.
The grey market premium of Western Carriers was Rs 50 as of 9:26 a.m., implying a 29.
07% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 222 per share. GMP is not an official price quote for the stock and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids..
