Western Carriers (India) Ltd. raised Rs 147.9 crore from anchor investors on Thursday a day ahead of its initial public offering. The company allotted approximately 86 lakh shares at Rs 172 apiece to 15 anchor investors.
It included investors such as Kotak Business Cycle Fund, Kotak Mahindra Life Insurance Co., Aditya Birla Sun Life Insurance Co. and Motilal Oswal Large Cap Fund.
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Motilal Oswal Large Cap Fund secured 5.81% of the allocation, while Kotak Business Cycle Fund and Kotak Mahindra Life Insurance netted 11.61% each.
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Four domestic mutual funds applied through a total of six schemes, Western Carriers said in an exchange filing. They have collectively netted 46.5% of the anchor portion of Rs 68.7 crore.
About The IPO
Western Carriers looking to raise 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. 18, with the listing expected to take place on Sept. 23. The market value of Western Carriers at the upper end of the price band is Rs 1,754 crore.
Watch The IPO Adda Here
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