BlackBuck Shares List At 2.9% Premium Over IPO Price

SUMMARY

Shares of BlackBuck’s father or mother Zinka Logistics Options debuted at INR 280.90 on the NSE as towards an IPO situation worth of INR 273

BlackBuck’s IPO was oversubscribed 1.8X on the ultimate day of bidding on November 18

Based in 2015, BlackBuck initially began as a truck aggregator and now affords a full stack of options from mortgage administration and telematics to funds for gas, FASTag and truck financing

Shares of Zinka Logistics Options, the father or mother firm of logistics main BlackBuck, made their inventory market debut right this moment (November 22), itemizing at INR 280.90 on the NSE, a modest premium of two.89% over the IPO situation worth of INR 273.

On the BSE, BlackBuck’s inventory debuted at INR 279.05, a premium of two.21% over the difficulty worth.

BlackBuck’s market debut was scheduled for November 21, but it surely was deferred by a day amid Maharashtra Meeting elections.

The INR 1,115 Cr IPO of BlackBuck, which opened for public subscription on November 13 and concluded on November 18, was oversubscribed 1.8X, with the difficulty receiving bids for 4.19 Cr shares as towards 2.25 Cr shares on supply.

Based in 2015 by Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam, BlackBuck commenced operations as a truck aggregator. Since then, the corporate has diversified and now affords a full stack of options – from load administration and telematics to funds for gas, FASTag or toll expenses, and truck financing. 

BlackBuck operates a B2B market specialising in inter-city full truckload (FTL) transportation. 

The preliminary public providing (IPO) of BlackBuck was a mixture of contemporary issuance of shares value INR 550 Cr and a proposal on the market (OFS) element of greater than 2.06 Cr shares.

The certified institutional consumers (QIBs) portion was booked 2.76 instances whereas the quota reserved for retail buyers was subscribed 1.65 instances.

BlackBuck staff oversubscribed their quota by 9.86X, whereas non-institutional buyers (NIIs) subscribed to the difficulty by 24%. 

Within the run as much as the INR 1,115 Cr IPO, BlackBuck set its valuation to INR 4,800 Cr — a reduction of over 32% from its peak valuation of INR 7,100 Cr in 2021.

BlackBuck set a worth band of INR 259 to INR 273 per share for its IPO. On the higher worth band of INR 273, early buyers Accel and Flipkart stand to see gains of up to 5X. 

Nevertheless, the likes of Peak XV Companions and Swedish funding agency VEF AB would book losses on their partial stake sales.