Zinka Logistics Solution, the owner of the digital platform BlackBuck, continues to trade at a premium in the grey market ahead of its initial public offering (IPO) opening today (November 13). The BlackBuck IPO, associated with Zinka Logistics, a logistics sector company, opens for subscription today. The price band for shares with a face value of Rs 1 is set between Rs 259 and Rs 273, and investors can bid until November 18. The grey market premium (GMP) is currently at 8.79%, or Rs 24. Ahead of the issue’s opening for retail investors, the company raised Rs 501.33 crore from anchor investors on Tuesday.
The Bengaluru-based company’s IPO includes a fresh issue of shares worth Rs 550 crore and an offer for sale (OFS) of up to 20,685,800 shares. At the upper price band limit, the total IPO size amounts to Rs 1,114.72 crore. The issue was available to anchor investors on Tuesday, November 12, a day before opening to retail investors. Retail investors must bid for a minimum of 54 shares.
At least 75% of the total issue is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. Additionally, 26,000 equity shares are reserved for company employees.
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Proceeds from the fresh issue will go towards funding sales and marketing costs, investment in BlackBuck Finserv to strengthen its capital base, product development, and general corporate purposes.
The BlackBuck app, central to Zinka Logistics' offerings, enables truck operators to manage various aspects of their business operations. Through the app, operators can handle toll and fuel payments, monitor drivers and fleets using telematics, find loads on the marketplace, and access financing for purchasing used vehicles.
In the unlisted market, BlackBuck’s IPO GMP was Rs 297 on Tuesday. Considering the upper price band of Rs 273, a premium of Rs 24, or 8.70%, is currently observed.
Axis Capital, Morgan Stanley India, JM Financial, and IIFL Securities are the book-running lead managers for this IPO, with KFin Technologies acting as the registrar.
As per BSE information, Zinka Logistics raised Rs 501.33 crore from anchor investors on Tuesday. Key anchor investors include SBI Mutual Fund, Nomura Trust, Invesco India, Bandhan Mutual Fund, ICICI Prudential Life Insurance, Ashok Whiteoak, Florida Retirement System, Steadview Capital Mauritius, and Massachusetts Institute of Technology Retirement Trust.