Western Carriers files DRHP for public offer

Mumbai: Western Carriers (India), a multi-modal asset-light logistics company, has filed its draft red herring prospectus (DRHP) with market regulator Sebi to raise funds through an initial public offering (IPO).

According to the DRHP, the Kolkata-based logistics company's IPO comprises a fresh issue of equity shares of up to ₹500 crore and an offer for sale of up to 93.29 lakh shares by promoter Rajendra Sethia.

The company proposes to utilise the net proceeds from the fresh issue towards prepayment of certain outstanding borrowings, capital expenditure funding, and general corporate purposes. JM Financial and Kotak Mahindra Capital are the book running lead managers to the offer.