Liquidity Events
Trucks aggregator Blackbuck’s Rs.1,115-Cr IPO gets subscribed 1.86 times
The initial public offering (IPO) of Zinka Logistics Solutions Ltd, the parent of Flipkart-backed trucking aggregator Blackbuck , got subscribed 1.86 times. The share sale received bids for 4,19,40,018 shares, as against 2,25,67,270 shares on offer.The portion for Qualified Institutional Buyers (QIBs) fetched 2.76 times subscription, while the category for Retail Individual Investors (RIIs) got subscribed 1.65 times. The quota for Non-Institutional Investors (NIIs) attracted 24% subscription. Zinka Logistics had earlier mobilised over INR 501 crore from anchor investors.The INR 1,115-crore IPO, with a price range of INR 259-273 apiece, is a combination of a fresh issue of shares worth INR 550 crore and an offer-of-sale (OFS) of 2.06 crore shares, valued at INR 565 crore at the upper-end of the price band.Proceeds from the fresh issuance to the extent of INR 200 crore will be used for sales and marketing initiatives; INR 140 crore for investment in Blackbuck Finserve for financing the supporting the capital base to meet future capital requirements; and INR 75 crore for product development.Axis Capital, Morgan Stanley India Company, JM Financial and IIFL Capital Services are the book-running lead managers to the issue.
Between Jun 2015 and Jul 2021, Blackbuck had raised about USD 321.93 M from VEF, Tribe Capital, Wellington Management, Sands Capital, IFC, Light Street Capital, B Capital Group, Accel USA, Peak XV Partners, IFC, Goldman Sachs, Accel India, Apoletto, Flipkart and others
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