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.