Western Carriers, a logistics service provider with over 50 years of experience, has filed draft papers for an initial public offering (IPO) to raise funds through a fresh equity issue of up to Rs 500 crore and an offer for sale of 93.28 lakh shares by the promoter. The company operates on an asset-light business model and provides 3PL and 4PL logistic solutions. It had over 1,100 clients in sectors such as metals and mining, FMCG, pharmaceuticals, among others. The IPO funds will be used for prepaying a portion of certain outstanding borrowings and funding capital expenditure requirements.