Western Carriers' Market Debut: A Rough Start with 7% Decline
Shares of Western Carriers (India) Ltd faced a rocky market debut, ending its first session with a 7% discount against the issue price. Initially trading at Rs 172, the stock saw a significant drop across BSE and NSE. The company's IPO had garnered huge interest, with funds aimed at debt repayment and capital expenditure.
- Country:
- India
Western Carriers (India) Ltd experienced a challenging market debut as its shares closed over 7% below the issue price on Tuesday. Initially listed at Rs 170 on the BSE, the stock fell to Rs 159.45 by day's end.
At the NSE, Western Carriers shares debuted at Rs 171 but ended at Rs 159.40, marking a 7.32% decline. The company's market valuation stood at Rs 1,625.68 crore.
The IPO saw an overwhelming subscription of 30.46 times, raising Rs 493 crore with a price band of Rs 163-172 per share. Funds from the IPO are earmarked for debt repayment, capital expenditure, and general corporate purposes.
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