Zinka Logistics Solutions (BlackBuck) makes muted debut

Shares of Zinka Logistics Solutions (BlackBuck) were currently trading at Rs 281.70 at 10:11 IST on the BSE, representing a premium of 3.19% as compared with the issue price of Rs 273.

The scrip was listed at Rs 279.05, exhibiting a premium of 2.22% to the issue price.

So far, the stock has hit a high of 285.80 and a low of 272.90. On the BSE, over 2.70 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Zinka Logistics Solutions (BlackBuck) was subscribed 1.86 times. The issue opened for bidding on 13 November 2024 and it closed on 18 November 2024. The price band of the IPO was fixed between Rs 259 and Rs 273 per share.

 

The IPO comprised a fresh issue of equity shares worth up to Rs 550 crore and an offer for sale of 2,06,85,800 equity shares, aggregating up to Rs 564.72 crore.

The objectives of the fresh issue include Rs 200 crore for sales and marketing costs, Rs 140 crore for investment in Blackbuck Finserve to meet its future capital requirements, Rs 75 crore for funding of expenditure related to product development, and the remaining amount for general corporate purposes.

Ahead of the IPO, Zinka Logistics Solutions on Tuesday, 12 November 2024, raised Rs 501.33 crore from anchor investors. The board allotted 1.83 crore shares at Rs 273 each to 26 anchor investors.

Zinka Logistics Solution offers a digital platform, the BlackBuck app, for truck operators. Truck operators use the BlackBuck app for their diverse business needs. It offers payments, telematics, a freight marketplace, and vehicle financing services to help truck operators manage their business and grow their income.

In the fiscal year 2024, 963,345 truck operators in the country conducted their business through the platform, representing 27.52% of all Indian truck operators. Truck operators manage their truck-level tolling and fueling operations through the BlackBuck App.

The firm reported a net profit of Rs 32.38 crore and net sales of Rs 92.17 crore for the three months ended on 30 June 2024.

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