Wise Travel India Ltd, a leading cab service provider for the corporate sector, has announced that it has set a price band of Rs 140 to Rs 147 per share for its Initial Public Offering (IPO).
The shares will be listed on NSE Emerge platform. The book-running lead manager is Share India Capital Services Private Ltd and the IPO registrar to the issue is Beetal Financial & Computer Services (P) Ltd.
About WTicabs
WTicabs, which was established in 2009, provides transport services to 500 companies across 250 cities in the country. These include vehicles, drivers and software support. According to latest figures, WTicabs has a strength of 8,000 vehicles in its fleet that includes Mercedes Benz, MG Hector, Innova Crysta, Tata Tigor EV and Tempo Traveler. It also operates counters at 17 airports in India.
It is now planning to expand abroad to cities like Dubai, where the WTicabs has already acquired a car rental license.
When will the issue hit capital markets?
Wise Travel India Ltd has announced its plan to go public with an IPO on February 12, 2024. The issue will close on February 14.
The bidding for anchor investors had opened on February 9. It will close on February 14. IPO will be listed on February 19.
What does the IPO comprise?
The IPO is a book-built issue of Rs 94.68 crore. The IPO comprises a fresh issue of up to 64.41 lakh shares at a face value of Rs 10 each.
The issue includes a reservation of 17,85,000 equity shares for Qualified Institutional Buyers (QIB) anchor portion, 11,91,000 for QIB and 8,94,000 for Non-Institutional Investors. Besides this, 20,84,000 shares are allocated for Retail Individual Investors, 4,38,000 for market maker and 49,000 for employees.
What will the proceeds be used for?
The net proceeds from the IPO will be utilised for Funding Working Capital Requirements and General Corporate Expenses.