On February 19, Wise Travel India (WTI) Cabs saw its stock debut on the NSE SME platform with a remarkable 32.6 percent premium over its IPO price. Opening at Rs 195, compared to the issue price of Rs 147, the stock’s performance garnered significant attention in the market.
Prior to its listing, the stock was commanding a substantial 48 percent premium in the grey market. This informal trading platform provides insights into the potential listing price, serving as a gauge for investor sentiment ahead of official listing.
The IPO received overwhelming response from investors, with a subscription rate of 160 times, notably with the retail portion being oversubscribed by 108 times. The public offer was open for subscription from February 12 to February 14, with a price band set at Rs 140-147 per share.
Through the IPO, WTI raised Rs 94.68 crore by issuing 64.4 lakh fresh shares. The company intends to utilize these proceeds to meet its working capital requirements and for general corporate expenses.
WTI operates in the car rental and transportation services sector, serving major cities such as Delhi, Mumbai, Pune, Hyderabad, Bangalore, Chennai, Chandigarh, Ahmedabad, Guwahati, Jaipur, and Kolkata. Its clientele includes prominent names like Nokia, IndiGrid, Amazon, Microsoft, Tesco, Vedanta, Indigo, RBS, Coca-Cola American Express, Renault, LinkedIn, Hitachi, Cheli, Sapient, and Panasonic, among others.
