Final Hours! BlackBuck IPO closes today: GMP remains flat; Should you bid?

BlackBuck IPO, which opened for public subscription on Wednesday, November 13, 2024, has garnered a lukewarm response from investors thus far

BlackBuck IPO: The initial public offering (IPO) of Zinka Logistics Solutions, the operator of digital logistics platform BlackBuck, will close for subscriptions today, Monday, November 18, 2024. The IPO, which opened for bidding on November 13, has received a lukewarm response from investors so far.   As of 10:12 AM on Monday, bids were received for 78,60,888 shares against the total offer of 2,25,67,270 shares, resulting in a subscription of just 0.35 times, according to data from the National Stock Exchange (NSE). Retail investors have placed the highest bids at 1.03 times, followed by Qualified Institutional Buyers (QIBs) at 0.26 times. Non-Institutional Investors (NIIs) have shown minimal interest, subscribing for only 0.05 times. In contrast, the employee quota has been oversubscribed 6.37 times. 

The public offering is available at a price band of Rs 259-273 per share, with a lot size of 54 shares. 

 

Meanwhile, the grey market premium (GMP) for the BlackBuck IPO remains flat on the final day of bidding. According to market sources, the unlisted shares are trading at no premium or discount, reflecting muted investor enthusiasm.   

The basis of allotment for BlackBuck shares is expected to be finalized on Tuesday, November 19, 2024. Successful bidders are likely to receive shares in their demat accounts on Wednesday, November 20, 2024. The company’s stock is scheduled to list on the BSE and NSE on Thursday, November 21, 2024.  

 

BlackBuck IPO review; should you subscribe?

Brokerages, including Anand Rathi Research, Swastika Investment, and Bajaj Broking, have reviewed BlackBuck's public offering and shared their outlook for investors. Anand Rathi Research Team and Bajaj Broking recommend bidding for the BlackBuck IPO from a long-term perspective. In contrast, Swastika Investmart has assigned a Neutral rating to the public offering. READ MORE

 

About BlackBuck  

Zinka Logistics Solutions, through its BlackBuck platform, offers services such as payments, telematics, load marketplaces, and vehicle financing. The company aims to streamline operations for truck operators by providing digital tools to enhance efficiency and profitability.  

 

With the IPO subscription closing today, market participants will closely watch the allotment process and the company’s market debut on November 21, 2024.