Tue Nov 19 07:27:57 UTC 2024: ## Zinka Logistics IPO Undersubscribed on Final Day

**MUMBAI, November 16, 2024** – The initial public offering (IPO) of Zinka Logistics Solutions Limited, the parent company of digital trucking platform Blackbuck, closed today significantly undersubscribed. By 2 PM on the final day of bidding, the Rs 1,114.7 crore IPO had received only 0.53 times subscription.

The IPO, comprising a fresh issue of Rs 550 crore and an offer for sale (OFS) of up to Rs 565 crore, saw weak demand across investor categories. While the retail investor portion was subscribed 1.37 times, the Qualified Institutional Buyers (QIBs) segment was subscribed a mere 0.44 times, and Non-Institutional Investors (NIIs) only 0.11 times. Employee participation was stronger, reaching 8.34 times subscription.

The lackluster response is reflected in the zero grey market premium (GMP), indicating subdued expectations for the listing on November 21. The share allotment is scheduled for November 19. The IPO price band was set at Rs 259-273 per share.

Despite raising over Rs 501 crore from anchor investors on Tuesday, the IPO failed to garner broader public enthusiasm. The company planned to utilize the fresh issue proceeds for sales and marketing, investment in Blackbuck Finserve, product development, and general corporate purposes.

Axis Capital, Morgan Stanley India Co, JM Financial, and IIFL Securities acted as book-running lead managers for the IPO, with KFin Technologies serving as the registrar.

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