Mon Nov 18 06:14:10 UTC 2024: ## BlackBuck’s IPO Opens with Subdued Investor Interest
**MUMBAI, INDIA – November 14, 2024** – Zinka Logistics Solutions, the parent company of the logistics platform BlackBuck, saw a muted response on the first day of its initial public offering (IPO). The IPO, which opened on November 13th and closes on November 18th, aims to raise ₹1,114.72 crore (approximately $136 million USD). The company plans to list its shares on November 21st, with allotment on November 19th.
The IPO comprises a fresh issue of ₹550 crore and an offer for sale of ₹564.72 crore. Shares are priced between ₹259 and ₹273, with a face value of ₹1. The minimum bid for retail investors is 54 shares (₹14,742). Employees received a ₹25 per share discount.
While anchor investors contributed ₹501.33 crore on November 12th, day one subscription rates reached only 24%, rising to 32% by day two. The Grey Market Premium (GMP), a key indicator of investor sentiment, has been zero since November 12th, after showing a brief uptick earlier in the week.
BlackBuck, which operates a digital platform connecting truck operators with freight, intends to use the funds raised to bolster sales and marketing, invest in its NBFC subsidiary, fund product development, and support general corporate operations. The promoters’ stake will decrease from 32.91% to 27.84% post-issue.
The IPO’s performance is being closely watched alongside the upcoming Maharashtra state elections on November 20th. The election results are expected to significantly impact market sentiment and investor confidence.
First Piper 