Zinka Logistics IPO: GMP Holds Steady Ahead Of Opening On Nov. 13

BlackBuck, the digital trucking services platform, will launch its initial public offering on November 13. The company, officially known as Zinka Logistics Solutions Ltd., plans to raise up to Rs 1,114.7 crore through the IPO. 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.

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.

Axis Capital Limited, Morgan Stanley India Company Pvt Ltd, JM Financial Limited and IIFL Securities Ltd are the book-running lead managers of the BlackBuck IPO, while Kfin Technologies Limited is the registrar for the issue.

The grey market premium of Zinka Logistics IPO (BlackBuck IPO) was Rs 24 as of 9:59 a.m. on November 12, implying an 8.79% premium over the upper end of the price band set at Rs 273, according to the InvestorGain website. The estimated listing price based on the GMP is Rs 297 per share.

This marks the fourth straight day where the grey market premium has remained steady after advancing from a GMP of Rs 8 on November 8, when the shares began trading in the unlisted market.

Please note that GMP is not an official price quote for the stock and is based on speculation.

The timeline for the BlackBuck IPO is as follows:

• IPO Open Date: November 13, 2024

• IPO Close Date: November 18, 2024

• Basis of Allotment Date: November 19, 2024

• Credit to Demat Accounts: November 20, 2024

• Share Listing Date: November 21, 2024

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.