WTI Cabs Eyes January 2024 for NSE SME IPO Pending SEBI Approval, According to Company Projections
WTI Cabs, also known as Wise Travel India Limited, has submitted a Draft Red Herring Prospectus (DRHP) to initiate its IPO launch, aiming to raise approximately ₹85 crore in the initial offering. However, the company awaits approval from the Securities and Exchange Board of India (SEBI) before commencing the public offer.
The company’s management disclosed its intentions concerning the forthcoming IPO, stating, “Our strategy involves launching the WTI Cabs IPO in January 2023 in the primary market. The public offering is targeted for listing on the NSE SME platform, with the company seeking to garner funds ranging between ₹75 crore to ₹85 crore through this issuance.
WTI Cabs, a prominent cab service provider known for its premium offerings, has been on a remarkable growth trajectory while simultaneously creating opportunities for self-employment among drivers. Established in 2009, the company currently caters to the corporate sector with comprehensive transportation solutions spanning more than 250 cities in India. Looking towards global expansion, WTI Cabs is gearing up to venture into international markets, beginning with its services set to debut in key international cities, starting with Dubai. Ashok Vashisht, the founder and CEO of WTI Cabs, disclosed that the company has secured a car rental license in Dubai and is poised to launch operations in the city shortly. The company’s future roadmap includes plans to extend its business footprint to other major global cities in the forthcoming years.