Western Carriers (India) Limited (WCIL) has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, concerning the utilization of proceeds from its Initial Public Offer (IPO). The report, issued by CRISIL Ratings Limited, confirms that the utilization of IPO funds is in line with the objects disclosed in the company's Offer Document dated September 20, 2024. The IPO, which took place from September 13 to September 19, 2024, raised Rs 4,928.80 million (US$ 59.2 million) in total, comprising a fresh issue of Rs 4,000 million (US$ 48 million) and an Offer for Sale (OFS) of Rs 928.80 million (US$ 11.2 million). The net proceeds after deducting issue expenses amounted to Rs 3,629.38 million (US$ 43.7 million). During the quarter, WCIL utilized Rs 318.08 million (US$ 3.8 million) of the IPO proceeds. The total utilized amount as of December 31, 2025, stands at Rs 3,036.69 million (US$ 36.5 million), leaving an unutilized amount of Rs 963.31 million (US$ 11.6 million). The utilization breakdown includes Rs 1,635.00 million (US$ 19.7 million) for prepayment of borrowings, Rs 581.51 million (US$ 7.0 million) for capital expenditure towards commercial vehicles, specialized containers, and reach stackers, and Rs 471.77 million (US$ 5.7 million) for general corporate purposes. Issue expenses accounted for Rs 348.41 million (US$ 4.2 million). Under general corporate purposes, Rs 150.55 million (US$ 1.8 million) has been allocated towards strategic initiatives and growth, including the construction of a Private Freight Terminal (PFT), purchase of land, and acquisition of a forklift. The Board of Directors approved this quantum of utilization on January 30, 2026. The unutilized proceeds of Rs 963.31 million (US$ 11.6 million) are currently invested in fixed deposits with HDFC Bank, with maturity dates ranging up to September 29, 2027. The report indicates no material deviations from the objects stated in the Offer Document and no significant delays in implementation.
