Zinka Logistics, BlackBuck’s parent, raised Rs 501 crore from anchor investors, targeting Rs 1,114.72 crore through its IPO.
Next in line to spill into the IPO market is Bengaluru based Zinka Logistics Solutions which plans to mop up up to Rs 1,114.72 crore through its share sale at the upper circuit of Rs 273 per share. As the company that by the way of the IPO will be selling its stock starting from November 13, it has recently attracted a solid team of investors based on its BlackBuck platform that provides payments, telematics, load management, financing for the truck operators.
Before the IPO’s opening, Zinka raised Rs 501.33 crore from institutional buyers through its anchor book list on November 12. There is 1.83 crore of equity shares which had been utilised for the anchor investor in Rs 273 every. Renowned international players in the field from Nomura, Hornbill Orchid India Fund to Steadview Capital, TIMF Holdings to the prestigious Massachusetts Institute of Technology has come on board. Many domestic investors also participated at this time: SBI Mutual Fund, Invesco India, and ICICI Prudential Life Insurance Company.
New offer involves Rs 550 crore of fund and OFS is offering 2.06 crore shares at Rs 564.72 crore. Company founders Rajesh Kumar Naidu Yabaji, Chanakya Hridaya and Ramasubramanian Balasubramaniam, Quickroutes International (previously Flipkart Logistics), Accel India and Peak XV Partners Investments are among the selling shareholders in this round.
Of the fresh issues amount, Rs 415 crore will be dedicated to growth—the augmentation of sales and marketing, deploying capital for NBFC arm BlackBuck Finserve, and the development of products. The rest for general corporate use will be utilized for that purpose only.
The existing IPO subscription will be closing on the November 18 and the Shares of the Zinka are likely to enter the floor of both BSE and NSE at November 22. This period also marks the company’s readiness for the next level of growth given the merchant bankers Morgan Stanley India, JM Financial and IIFL Capital Services.
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