IPO Details

Bidding Dates

To be announced

Minimum Investment

To be announced

Price Range

To be announced

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

₹500 crore

Investor category and sub category

To be announced

About Western Carriers (India) Limited

Western Carriers (India) is the largest private, multi-modal, rail-focused, 4PL asset-light logistics company in India in terms of container volumes in Fiscal 2022. With a strong presence in the domestic and EXIM (Export-Import) markets, the company has achieved a market share of 7% and 3%, respectively, based on container volumes handled in the same fiscal year.

With a rich legacy and extensive expertise in road, rail, sea, and river multi-modal transportation, Western Carriers (India) boasts five decades of experience in the logistics industry. The company's Promoter, Rajendra Sethia, has been an integral part of the logistics sector since 1972, when he established a rail-focused logistics business. In 2013, this business was acquired by Western Carriers (India), solidifying its position as a leader in the industry.

Operating on a scalable and asset-light business model, Western Carriers (India) is able to provide innovative and differentiated 3PL (third-party logistics) and 4PL (fourth-party logistics) solutions. The company excels in addressing the complexities of the supply chain by offering customised, one-stop/single-window, end-to-end, and integrated logistics solutions. These solutions encompass a wide range of value-added services, ensuring a seamless experience for their customers.

Western Carriers (India) Limited IPO Details

Western Carriers (India) Limited IPO is a fresh issue aggregating up to ₹500 crore and has an offer for sale aggregating to ₹93.29 lakh. The price band, lot size and other details are yet to be announced. It will be listed on BSE and NSE.

Western Carriers (India) Limited IPO Objectives

The company proposes to use the net proceeds from the issue towards:

  • 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 specialised containers and 20 feet normal shipping containers; and (iii) reach stackers.
  • General corporate purposes.

Peer Details

Container Corporation of India Limited, Mahindra Logistics Limited, and TCI Express Limited are the listed peer companies operating in the same business line.

Highlights of Western Carriers (India) Ltd

  • The company has demonstrated a successful track record of growth in revenue, EBITDA and profit for the year, with revenue from operations increasing to ₹14,708.75 million in Fiscal 2022 from ₹10,672.89 million in Fiscal 2020, representing a CAGR of 17.39%.
  • EBITDA increased to ₹1,088.87 million in Fiscal 2022 from ₹794.21 million in Fiscal 2020, representing a CAGR of 17.09%, and profit for the year increased to ₹611.29 million in Fiscal 2022 from ₹358.58 million in Fiscal 2020, representing a CAGR of 30.57%.
  • As of December 31, 2022, the company has four zonal offices, over 50 branch offices and 15 warehouses, all of which it has leased. As of that date, Western Carriers owned over 400 GPS-enabled heavy commercial vehicles, over 100 pieces of heavy equipment and over 400 shipping containers.

Company Financials

Particulars As of and for the 9-month period ended December 31, 2022 As of and for Fiscal 2022 As of and for Fiscal 2021
Revenue from Operations 12,069.04 14,708.75 11,101.12
EBITDA 550.94 611.29 445.28
EBITDA Margin 7.94 7.40 7.62
Profit After Tax (PAT) 550.94 611.29 445.28
Debt to Equity Ratio 0.63 0.58 0.69

Know before investing


  1. The company’s expertise in providing end-to-end logistics and bespoke solutions to customers provides it with a significant competitive advantage.

  2. Given the execution capabilities and ability to provide one-stop/single-window, end-to-end and integrated customised logistics solutions in a market with inherent entry barriers, Western Carriers are strategically positioned to benefit from certain favourable trends and initiatives in the Indian logistics industry.


  1. Western Carriers may be unable to sustain the pace of its past growth in future financial periods. Further, its business and the results of operations may be adversely affected if it is unable to successfully implement our business plans and growth strategies.

  2. Western Carriers may be unable to service its debt obligations in a timely manner or to comply with various financial and other covenants of its financing agreements.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Western Carriers (India) Limited IPO FAQs

What is Western Carriers (India) Limited's IPO?

The Western Carriers (India) Ltd IPO is a  fresh issue comprising shares aggregating up to ₹ 500 crore and has an offer for sale of 93.29 lakh equity shares. The issue price is yet to be announced.

When will Western Carriers (India) Limited's IPO be allotted?

Yet to be announced.

When will Western Carriers (India) Limited's IPO open for subscription?

Yet to be announced.

What minimum lot size can retail investors subscribe to?

Yet to be announced.

When will Western Carriers (India) Limited list on exchanges?

Yet to be announced.

How do I check the allotment status of Western Carriers (India) Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Validate with an OTP
  • Enter your application number, DP ID, and PAN number into the app
  • Click on ‘Submit’

What would be the listing gains on the Western Carriers (India) Limited IPO?

Listing gains cannot be ascertained before listing the IPO on the stock exchange, which is yet to be announced, for Western Carriers (India) Ltd.

I have finished the application process for the Western Carriers (India) Limited IPO, but the funds still need to be debited. What is the reason?

The bank will only block the amount initially in your account. Under the new system, the money isn’t debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Western Carriers (India) Limited's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Western Carriers (India) Limited using one PAN?

You can submit only one application using your PAN card.