Tue Nov 19 09:49:22 UTC 2024: ## BlackBuck’s IPO Receives Lukewarm Response, Subscribed 1.86 Times
**MUMBAI, INDIA** – Zinka Logistics Solution Ltd., the parent company of the Flipkart-backed logistics platform BlackBuck, saw its initial public offering (IPO) close with a muted response from investors. The ₹1,114.72 crore IPO, which included a fresh issue of ₹550 crore and an offer-for-sale (OFS) of up to ₹565 crore, was subscribed 1.86 times on its final day of bidding on Monday.
While employee applications were oversubscribed by nearly 10 times, the overall subscription fell short of expectations. Qualified Institutional Buyers (QIBs) subscribed 2.76 times, while the retail portion saw 1.66 times subscription. However, Non-Institutional Investors (NIIs) only subscribed 24% of their allotted portion.
The IPO price band was set between ₹259 and ₹273 per share. Share allotment is expected on November 19th, with listing on the BSE and NSE scheduled for November 21st. Investors can check their allotment status through the websites of NSE, BSE, and registrar KFin Technologies.
The grey market premium (GMP) currently stands at zero, suggesting a flat listing is anticipated. This is a significant drop from the ₹24 GMP seen earlier in November.
Zinka Logistics plans to utilize the IPO proceeds for marketing and sales, bolstering its financing arm Blackbuck Finserve Pvt. Ltd., product development, and general corporate purposes. The company, founded in 2015, achieved unicorn status in 2021.
Investors are cautioned that IPOs are subject to market risks and should consult financial advisors before investing.
First Piper 