Mon Nov 11 07:43:58 UTC 2024: ## BlackBuck Sets IPO Price Band, Aims to Raise INR 1,114.72 Cr

Bengaluru-based logistics startup BlackBuck has announced the price band for its upcoming initial public offering (IPO), setting it at INR 259 to INR 273 per equity share. The IPO, set to open for subscription on November 13 and close on November 18, aims to raise INR 1,114.72 Cr. This will be a combination of fresh issuance of equity shares worth INR 550 Cr and an offer for sale of 2.06 Cr shares by existing shareholders.

BlackBuck, backed by Flipkart and venture capital firms like Peak XV and Accel, has seen its valuation adjusted down from its last private valuation, reaching a valuation of INR 4,817 Cr at the upper end of the price band. The company plans to utilize a significant portion of the funds raised for sales and marketing activities (INR 200 Cr), with INR 140 Cr allocated to its non-banking financial company (NBFC) subsidiary, BlackBuck Finserv.

BlackBuck, founded in 2015, operates an online B2B marketplace for inter-city full truck load (FTL) transportation. Its platform provides services like payment options, a load marketplace, and vehicle financing for truck operators in India. The company claims to be the largest online trucking platform in the country with a 27% market share.

In the June quarter of FY25, BlackBuck reported a net profit of INR 28.67 Cr, a stark improvement from the INR 35.93 Cr loss reported in the same period last year. This positive shift was attributed to a reduction in overall expenses. The company also saw its operating revenue jump by 55% to INR 92.16 Cr during the same period.

The BlackBuck IPO has generated considerable interest in the market, further fueled by the recent surge in public listings of new-age tech companies in India. The anchor book for the IPO is slated to open for one day on November 12.

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