Wise Travel India IPO: Retail Portion Booked 108.76 Times; QIB Category Booked 106.69 Times

Wise Travel India Limited’s initial public offer (IPO) opened for subscription on February 12, 2024. The issue closes on February 14, 2024. The company has set the price band for its initial public offering between Rs 140 to Rs 147 per share. An application requires a minimum lot size of 1,000 shares. Retail investors must invest a minimum amount of Rs 1,47,000. High Net Worth Individuals (HNIs) need to invest in a minimum of 2 lots, totaling Rs 2,94,000. The WTI Cabs IPO is a book-built issue with a total value of Rs 94.68 crore. This issue comprises an entirely fresh offering of 64.41 lakh shares.

About the company

WTicabs, a prominent provider of premium cab services, has been undergoing significant growth while simultaneously creating self-employment opportunities for drivers. Founded in 2009, the company presently delivers comprehensive transportation solutions to the corporate sector across more than 250 cities in India. WTicabs is poised for international expansion, with plans to launch services in major global cities, commencing with Dubai.

Price Band

The company has set the price band for its initial public offering between Rs 140 to Rs 147 per share.

Issue subscription status

Until 5:40 pm on the last day of Wednesday’s bidding, the IPO garnered a subscription of 163.46 times, with bids for 68,94,62,000 shares compared to the 42,18,000 shares on offer. The retail segment experienced a subscription of 108.76 times, while the non-institutional quota received a subscription of 375.56 times. The QIB category saw a subscription of 106.69 times.

Issue Size

An application requires a minimum lot size of 1,000 shares. Retail investors must invest a minimum amount of Rs 1,47,000. High Net Worth Individuals (HNIs) need to invest in a minimum of 2 lots, totaling Rs 2,94,000. The WTI Cabs IPO is a book-built issue with a total value of Rs 94.68 crore. This issue comprises an entirely fresh offering of 64.41 lakh shares.

Also read: Why Bharat Electronics Share Price Gained Despite Weak Market Conditions?

Company Financials

IPO Reserve Portion

Non-Institutional Bidders: Not less than 15% of the net issue shall be available for allocation on a proportionate basis
Retail Investors: Not less than 35% of the net issue shall be available for allocation on a proportionate basis
Qualified Institutional Buyers: Not more than 50% of the net issue shall be allotted on a proportionate basis

Objectives of the issue

The company plans to use the funds raised from the Issue for the following purposes:

1. Addressing working capital needs.
2. Supporting general corporate activities.
3. Covering the expenses related to the Issue.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.