Western Carriers files DRHP for Rs 5 billion IPO

Western Carriers (India) Limited, a Kolkata-based logistics company, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of up to Rs 5 billion. The IPO will consist of a fresh issue of equity shares aggregating up to Rs 5 billion and an offer for sale (OFS) of up to 9.33 million shares by the promoter. The issue price has not yet been fixed. The proceeds from the IPO will be used to prepay debt, fund capital expenditure and for general corporate purposes. A pre-IPO placement for up to Rs 1 billion could be considered. If such placement is completed, the fresh issue size will be reduced.