Comments
Shares of logistics company Western Carriers on Tuesday made a flat market debut, listing at a discount over the issue price of ₹172 apiece and later ended the day over 7 per cent lower.
The stock got listed at ₹170 on the BSE, which was 1.16 per cent lower compared to the issue price. During the day, it declined to ₹158.50. The shares ended the day at ₹159.45 apiece, which was 7.30 per cent lower compared to the issue price.
On the NSE, the stock made its market debut at ₹171 apiece, reflecting a discount of 0.58 percent. During the day, it declined to ₹158.51. The stock finally ended at ₹159.40, a discount of 7.32 per cent.
Market valuation
The logistics company’s market valuation stood at ₹1625.68 crore.
In terms of volume, 17.42 lakh shares of the company were traded at the BSE and 167.66 lakh shares were traded at the NSE during the day.
Western Carriers’ ₹493-crore initial public offer was subscribed 30.57 times on the last day of the bidding on last Thursday, led by strong demands from investors across categories.
The IPO included a fresh issue of equity shares aggregating up to ₹400 crore and an offer for sale by promoter Rajendra Sethia, aggregating up to 54 lakh equity shares. The price band of the offer was ₹163 to ₹172 per equity share.
The company proposed to utilise net proceeds from the fresh issue towards prepayment or scheduled repayment of a portion of certain outstanding borrowings, funding of capital expenditure requirements and general corporate purposes.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.