Western Carriers IPO Company Details:
Western Carriers Limited is the largest private, multi-modal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in Fiscal 2022. The company operate on a scalable, asset-light business model which enables it to provide differentiated 3PL and 4PL solutions. The company endeavour to address complexities by creating customised, one-stop/single-window, end-to-end and integrated logistics solutions for its customers, which involve a variety of value-added services across the supply chain. It has five decades of experience in road, rail and sea / river multi-modal movement for domestic as well as EXIM cargo in and out of India.
Western Carriers IPO Business Offerings:
- 3PL,4PL supply chain and VAS
- Rail Transport
- Road Transport
- Courier, Water, Air Freight
- Warehousing and Stock Management
- Project Logistics
- CHA/Stevedoring
Western Carriers Limited catered to the integrated multi-modal logistics requirements of a leading Indian mining and resources group involving rail movement for all circuits, acting as customs house agent at ports such as Vizag, Kolkata, Haldia, Paradip, and JNPT, as well as finished goods handling at their plant, including material handover, container stuffing, and rake loading. The company has been associated with this Indian mining and resources group as a strategic business partner since 2008 and is the largest platinum business associate and associate partner of a leading Indian rail container logistics provider.
Western Carriers IPO
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Western Carriers IPO Details:
| IPO Open Date | Not Available |
| IPO Close Date | Not Available |
| Listing Date | Not Available |
| Face Value | ₹5 per share |
| Price | Not Available |
| Lot Size | Not Available |
| Issue Size | [●]shares
(aggregating up to ₹[●] Cr) |
| Offer For Sale | 95,708,984 shares
(aggregating up to ₹[●] Cr) |
| Fresh Issue | [●]shares
(aggregating up to ₹500 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| QIB Shares Offered | Not more than 50% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| Promoters | Rajendra Sethia and Kanishka Sethia |
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Western Carriers IPO Financial Analysis:
| Particulars | 9M of FY-23(in cr.) | FY-22(in cr.) | FY-21(in cr.) | FY-20(in cr.) | CAGR |
| Revenue from Operations | 1206.90 | 1470.88 | 1110.11 | 1067.29 | 17.4% |
| Other Income | 3.71 | 4.91 | 3.79 | 6.24 | |
| Operating expenses | 1043.21 | 1280.41 | 960.72 | 925.63 | 17.6% |
| Employee Cost | 31.41 | 37.04 | 27.71 | 27.73 | |
| Other expenses | 40.18 | 49.46 | 40.86 | 40.75 | |
| EBITDA | 95.81 | 108.88 | 84.61 | 79.41 | 17.1% |
| EBITDA margin% | 7.94% | 7.40% | 7.62% | 7.44% | |
| Depreciation | 10.95 | 11.60 | 11.59 | 13.59 | |
| Interest | 10.89 | 13.92 | 13.00 | 13.73 | |
| Profit / (loss) before tax | 73.97 | 83.36 | 60.02 | 52.09 | 26.5% |
| Total tax | 18.89 | 22.24 | 15.50 | 16.24 | |
| Profit / (loss) After-tax | 55.09 | 61.12 | 44.52 | 35.85 | 30.6% |
| Profit / (loss) After-tax margin% | 4.56% | 4.16% | 4.01% | 3.36% |
Western Carriers IPO Revenue from Operations:
| Segment | 9M of FY-23(in cr.) | % | FY-22(in cr.) | % | FY-21(in cr.) | % | FY-20(in cr.) | % | CAGR |
| Revenue from contracts with customers | |||||||||
| Revenue from Freight, Handling, Agency & Other Charges | 1206.904 | 100.00% | 1470.875 | 100.00% | 1110.11 | 100.00% | 1,067.28 | 100.00% | 17.4% |
| Total | 1206.904 | 100.00% | 1470.875 | 100.00% | 1110.11 | 100.00% | 1,067.28 | 100.00% | 17.4% |
Western Carriers IPO Major Shareholders:
| S.NO. | Name of the Shareholder | No. of Shares | % of pre-Offer shareholding |
| 1. | Rajendra Sethia | 78,689,200 | 99.99% |
| Total | 78,689,200 | 99.99% |
Western Carriers IPO Offer for Sale:
| S. No. | Name of the Selling Shareholder | Number of Equity Shares
being offered in the Offer for Sale (Up to) |
|
| 1. | Rajendra Sethia | 9,328,995 Equity Shares | |
Western Carriers IPO Strengths:
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Western Carriers Limited is one of the few players in the Indian logistics industry with the capability to deliver cost-efficient, time-bound, and bespoke services and solutions. The company provides multi-modal integrated, customized, end-to-end services across the logistics value chain to its customers.
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Western Carriers Limited has strong customer relationships with a diverse customer base and it maintains long-standing relationships with industry leaders across varied sectors such as metals and mining, FMCG, pharmaceuticals, chemicals, oil and gas, utilities, and others.
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Western Carriers Limited has witnessed the evolution of the Indian regulatory framework relating to the multi-modal logistics industry and has grown and evolved its business by responding to the changing regulatory environment and needs of its customers. The company’s significant experience and execution capabilities place it in an advantageous position to capitalize on the growth opportunities in the fast-growing logistics market in India.
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Western Carriers Limited is a scalable, asset-light business model with a successful track record of delivering growth and profitability. The company has demonstrated a successful track record of growth in revenue, EBITDA, and profits. As of December 31, 2022, it had a strong balance sheet, with total equity of ₹3,023.08 million, and low leverage levels
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With Promoters’ and Company’s combined experience of over five decades in executing logistics projects, Western Carriers Limited is equipped to respond to challenges posed by a rapidly evolving logistics industry in India and has become a preferred partner for its customers.
Western Carriers IPO Risk Factors:
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Western Carriers Limited depends on a limited number of customers, which exposes it to a high risk of customer concentration. Fluctuations in the performance of the industries in which certain of its customers operate may result in a loss of customers, a decrease in the volume of work it undertakes, or the price at which it offers its services.
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Western Carriers Limited is highly dependent on its Promoters and its Key Managerial Personnel, including its Senior Management. Further, any inability on its part to retain or recruit skilled personnel could adversely affect its business, results of operations, and financial condition.
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Western Carriers Limited depends on its network partners, third-party service providers, and vendors/suppliers in certain aspects of its operations, and unsatisfactory services provided by them or failure to maintain relationships with them could disrupt its operations.
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Western Carriers Limited may be unable to service its debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of its financing agreements, which could materially and adversely affect its financial condition.
Western Carriers IPO Object Of the offer:
The net proceeds of the Fresh Issue, i.e., gross proceeds of the Fresh Issue less the Offer expenses apportioned to Western Carriers Limited (“Net Proceeds”) are proposed to be utilized in the following manner:
- Prepayment or scheduled repayment of a portion of certain outstanding borrowings availed by the Company;
- Funding of capital expenditure requirements of the Company towards the purchase of (i) commercial vehicles; (ii) 40 feet specialized containers and 20 feet normal shipping containers; and (iii) reach stackers; and
- General corporate purposes
Western Carriers Limited IPO Prospectus:
- Western Carriers Limited IPO DRHP- https://www.sebi.gov.in/filings/public-issues/jun-2023/western-carriers-india-limited-drhp_72492.html
- Western Carriers Limited IPO RHP-
Registrar to the offer:
Link Intime India Private Limited
Tel: +91 810 811 4949
E-mail: westerncarriers.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor Grievance ID: westerncarriers.ipo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration Number: INR000004058