Zinka Logistics Solutions, also known as BlackBuck, launched its IPO on November 13, 2024, with the closing date set for November 18, 2024. The company plans to list its shares on November 21, 2024, and the allotment will take place on November 19, 2024.
Zinka Logistics Solutions offers a digital platform, the BlackBuck app, which provides truck operators with services such as payments, telematics, a freight marketplace, and vehicle financing, all aimed at improving operational efficiency.
Basic
Details of Black Buck IPO
The face value of each share will be Rs 1, and the price band within the range from Rs 259 to Rs 273 per share. Investors can bid for a lot size of 54 shares, with the total issue size amounting to 40,832,320 shares, aggregating up to Rs 1,114.72 Crore. Employees will get a discount of Rs 25 per share. The company’s shareholding will increase from 156,330,160 pre-issue shares to 176,476,680 post-issue shares.
BlackBuck IPO is a book-built issue of Rs 1,114.72 crores with a combination of fresh issue of 2.01 crore shares aggregating to Rs 550.00 crores and offer for sale of 2.07 crore shares aggregating to Rs 564.72 crores.
Blackbuck IPO performance till now
The IPO received a subdued response from the investors as the subscription just reached 24 per cent on Day 1 with the Employee segment playing a major role. Similarly, performance on Day 2 showed subscription reaching to overall 32 per cent. The Grey Market Premium (GMP) price was also nothing to talk about. It has been zero from November 12. However, before that, between November 9-12, it showed a GMP of Rs 24, an uptick of 8.8 per cent from the upper end of its price band.
Minimum investment Required
The Retail investor would require a minimum of 54 shares, totaling Rs 14,742. For small and large Non-Institutional Investors (NIIs), the lot sizes differ. A small Non-Institutional Investor (NII) must apply for 14 lots, totaling 756 shares, which amounts to Rs 2,06,388. In contrast, a large NII must apply for a minimum of 68 lots, totaling 3,672 shares, amounting to Rs 10,02,456.
Anchor Investors and Funds Usage
BlackBuck IPO also raised ₹501.33 crore from anchor investors on November 12. The promoters of BlackBuck, Rajesh Kumar Naidu Yabaji, Chanakya Hridaya, and Ramasubramanian Balasubramaniam, currently hold a combined 32.91 per cent of the company’s shares that will decrease to 27.84 per cent.
The company intends to use the funds raised from the issue to cover sales and marketing expenses, invest in its NBFC subsidiary, fund product development costs, and support general corporate activities.