Zinka Logistics: Blackbuck IPO GMP Climbs To Rs 24 Two Days Ahead Of Launch

BlackBuck, the digital trucking services platform, is set to launch its initial public offering from Nov. 13. As of 1:00 p.m. on Monday, the company's shares were trading with a grey market premium of Rs 24, representing 8.79% premium over the upper end of the price band set at Rs 273. The shares are expected to list at Rs 297 each.

This marks an advance from a GMP of Rs 8 on Nov. 8, when the shares began trading in the unlisted market.

The company, officially known as Zinka Logistics Solutions Ltd., plans to raise up to Rs 1,114.7 crore through the IPO, which includes both a fresh issue of shares and an offer for sale component. The price band for the IPO has been set between Rs 259 and Rs 273 per share. At the upper end of the price range, the company aims to raise Rs 1,114.7 crore.

In the OFS portion, promoters Rajesh Kumar Naidu Yabaji, Ramasubramanian Balasubramaniam, and Chanakya Hridaya will sell a combined 44.38 lakh shares, along with other investors such as Accel India IV, Peak XV Partners, and the International Finance Corporation.

BlackBuck, backed by Flipkart, offers a variety of digital logistics services, including vehicle financing, fuel cards, FASTag services, and a marketplace connecting truck operators with businesses in need of transportation services. The company plans to use the proceeds from the IPO for sales and marketing, investment in its subsidiary Blackbuck Finserve Pvt., and further product development.

Founded in 2015, BlackBuck entered the unicorn club in 2021, having raised over $350 million to date. The company has around 9.63 lakh customers on its platform. Despite reporting a loss in the last financial year, BlackBuck's upcoming listing is generating interest, with the GMP indicating positive market sentiment.