NSE SME IPO of Wise Travel India subscribed 2.79 times

Published on Feb 12, 2024 17:04

The initial public offer (IPO) of Wise Travel India received bids for 1,80,22,000 shares as against 64,41,000 shares on offer, as per NSE data as of 17:00 hours on Monday, (12 February 2024). The issue was subscribed 2.79 times.

The issue opened for bidding on Monday (12 February 2024) and it will close on Wednesday, (14 February 2024). The price band of the IPO is fixed at Rs 140 to 147 per share. The minimum order quantity is 1,000 equity shares. The equity shares will list on NSE`s SME platform.

The IPO comprises fresh issue of 64,41,000 shares. The promoter and promoter shareholding will dilute to 69.76% from 95.63% pre-IPO.

About 4,38,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 59,54,000 equity shares. The issue and the net issue will constitute 27.05% and 25% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize for meeting working capital requirement, general corporate purpose and to meet the issue expenses.

Ahead of the IPO, Wise Travel India on Friday, 9 February 2024, raised Rs 26.23 crore from anchor investors. The board allotted 17.85 lakh shares at Rs 147 per share to 6 anchor investor.

Wise Travel India (WTI) is a transport company that offers car rentals and transportation services. The company offer services across 130 cities in India. The company offers a range of services including car rental, employee transportation, end-to-end employee transport solutions (MSP), flexible fixed/monthly rental plans, airport counters, fleet management, mobility services for MICE, cutting-edge mobility tech solutions, sustainable mobility, project mobility solutions, strategic consulting and advisory on mobility, and community commute. WTI offers a variety of rental cars, including executive cars, luxury cars, coaches, SUVs, and sedans. As of 31 October 2023, the company has 784 employees including directors on its payroll.

The company recorded revenue from operations of Rs 189.88 crore and net profit of Rs 11.36 crore for the period as on 30 September 2023.