Zinka Logistics IPO subscribed 1.86 times on final day

The initial public offering (IPO) of Zinka Logistics, the mum or dad firm of Flipkart-backed trucking aggregator BlackBuck, sailed via on the final day of its public situation, with bids exceeding greater than 1.86 instances the shares the corporate has put up on the market.

In line with information from the BSE, the general public situation acquired bids for 4.19 crore shares towards the two.25 crore shares on provide.

Certified institutional patrons (QIBs) bid 2.76 instances the shares reserved for them, whereas retail traders subscribed to their portion 1.66x. Worker bids reached 9.88 instances, whereas non-institutional traders (NIIs) subscribed 0.24 instances.

The IPO consists of a recent situation of shares price Rs 550 crore and an offer-for-sale (OFS) of as much as Rs 565 crore. The shares are scheduled to be listed on November 21.

The IPO opened on November 13, with the price band set at Rs 259 to Rs 273 per share. This valued the corporate at Rs 4,818 crore, a 36% lower from its earlier non-public valuation of Rs 7,500 crore in July 2021, following a funding spherical led by Tribe Capital.

Earlier than the general public situation, the corporate raised Rs 501 crore from anchor traders, which included each worldwide and domestic institutions like Nomura, Hornbill Orchid India Fund, BNP Paribas Funds, SBI Mutual Fund, Steadview Capital Mauritius, Invesco India, SBI Normal Insurance coverage, Bandhan Mutual Fund, ICICI Prudential Life Insurance, and Nuvama Multi Asset Technique Return Fund.

Round 20% of the IPO proceeds can be directed in direction of BlackBuck’s monetary providers subsidiary which can perform as a know-how accomplice to assist truckers entry loans and function a mortgage origination channel for its companions, chief govt Rajesh Yabaji instructed ET in an earlier interview.Promoters Yabaji, Chanakya Hridaya and Ramasubramanian Balasubramaniam have offloaded round 4.4 million shares. Publish IPO, the promoters will personal about 29% of the corporate’s shares.

The corporate generates income primarily via subscriptions and commissions. It claims to have about 27.5% of the nation’s truck operators on its platform.

In FY24, BlackBuck reported a 68% enhance in income from operations at Rs 297 crore. Internet loss narrowed to Rs 167 crore from Rs 237 crore the earlier 12 months.

Additionally Learn: BlackBuck gets Sebi clearance for proposed IPO