The Indian subsidiary of Western Carriers Ltd is ready to be listed on the stock exchange. Meanwhile, the company has announced its IPO. Amid the long-awaited announcement of Western Carriers IPO, the company’s Initial Public Offering has drawn significant attention from investors. As a result, the IPO has been oversubscribed, hinting at the strong interest of the investors in the company’s shares. Do you know what is the current subscription rate of the Western Carriers IPO? If not, we have got you covered with it. In this article, you will find all the relevant information on the Western Carriers IPO, including its listing date, current market context, trading expectations, and other key metrics. You are suggested to stick with this page and go through the article to the end. Scroll down the page.
Western Carriers IPO Grey Market Premium
Whenever an IPO is announced, the grey market premium ultimately becomes the subject of investors’ curiosity. However, GMP does not guarantee that the IPO will certainly give a listing gain, it is just a prediction and speculation of the market experts and an analysis of the current market trend and demand for this particular stock after its listing. In other words, you can understand GMP as the price at which an investor is ready to buy it after being listed. The Western Carriers’ shares are anticipated to give a slight premium on the GMP.
Currently, the grey market premium for Western Carriers India IPO is trending at Rs 21 which was Rs 52 a day before. The huge decline in the grey market premium indicates that this IPO would offer only a minimal premium. It might be because of cautious sentiments among the investors ahead of its listing. Despite a huge decline in the GMP after just one day, market analysts are predicting that the Western Carriers IPO may be listed at Rs 172 per share price. To note, the price band of the Western Carriers IPO is also set between Rs 163 and Rs 172.
Western Carriers IPO Subscription Rate
Western Carriers India Ltd’s Initial Public Offering received an overwhelming response from investors on its first day as it received a total of 63.78 bids for the 2.08 crore shares available. However, this outstanding bidding response was substantially driven by non-institutional investors who subscribed to it 44.71 times while retail investors showed interest in this IPO with a subscription rate of 25.95 times. The overall subscription rate of the Western Carriers IPO has reached 30.57 percent.
Western Carriers IPO Key Financial Metrics
- Market Capitalization: Approximately Rs 1,754 crore.
- P/E Ratio: 21.8.
- Return on Equity (ROE): 22.4 percent
- Profit After Tax (PAT) for FY24: Rs 803.47 million.
- Revenue Growth: From Rs 16,330.63 million in FY23 to an expected Rs 16,857.69 million in FY24.
Technical Levels to Watch Out:
- Support Level: The investors should watch for support around Rs 163, which is the lower end of the IPO price band.
- Resistance Level: A key resistance level may be established around Rs 180 in case the stock is listed slightly higher and gains momentum in early trading.
Expectations From Western Carriers Stock
The IPO of Western Carriers was opened on Monday, September 16, 2024, and it closed on Thursday, September 19, 2024. The allotment of Western Carriers shares started on September 20, 2024. It is scheduled to be listed on Tuesday, September 24, 2024. The expectations from Western Carriers stock on its first in the stock market, are quite high in the wake of immense demand during the IPO phase. However, the stock can remain underperforming on its first trading day. Stay tuned to this website for more details and further updates.
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