Mon Nov 18 06:14:07 UTC 2024: ## BlackBuck Founder Receives Rs 160 Crore Worth of Shares Ahead of IPO
**MUMBAI** – Rajesh Yabaji, co-founder of BlackBuck, India’s largest digital platform for truck operators, has received 5.85 million shares as a gift from investors and co-founders, worth approximately Rs 160 crore at the upper end of the IPO price band. This significant share transfer, made ahead of the company’s initial public offering (IPO) opening on November 13th, elevates Yabaji to the largest shareholder, holding a 14.45% pre-IPO stake.
The shares, representing a 3.6% stake, were transferred in October by investors including Sands Capital, International Finance Corp, angel investor Sanjiv Rangrass, and co-founders Ramasubramaniam Balasubramaniam and Chanakya Hridaya. While most were gifts, some were transferred at a nominal Re 1 per share. Sources indicate this was compensation for Yabaji’s contributions to the company’s growth, circumventing SEBI regulations that prevent promoters from receiving employee stock options (ESOPs).
Zinka Logistics Solutions Ltd., which operates BlackBuck, launched its IPO on November 13th, with a fresh issue of up to Rs 550 crore and an offer for sale of up to 20.68 million shares. The IPO proceeds will fund sales and marketing, investment in BlackBuck Finserve, product development, and general corporate purposes. The company boasts 963,345 truck operators on its platform, representing 27.52% of India’s truck operators and processing a significant gross transaction value. The IPO closes on November 18th.
First Piper 