Zinka Logistics Solutions Raises Rs 501 Crore From Anchor Investors Prior To IPO Launch

Zinka Logistics Solutions Ltd. has raised Rs 501.33 crore from anchor investors on Tuesday, ahead of its initial public offering. The company allotted 1.83 crore shares at Rs 100 each to 26 anchor investors.

Nomura Trust and Banking Co. Ltd., as the trustee of Nomura India Stock Mother Fund, got the highest allocation of 13.54%. Invesco India Contra Fund got the second highest allotment of 9.95% and SBI Innovative Opportunities Fund got 7.98% stake in the company.

Three domestic mutual funds have applied through six schemes, the parent of digital trucking services platform Blackbuck said in an exchange filing on Tuesday. They have collectively netted 33.43% of the anchor portion.

SBI Mutual Fund and Bandhan Bank were among the top fund houses in this category.

Axis Capital Ltd., Morgan Stanley India Company Pvt., JM Financial Ltd. and IIFL Capital Services Ltd. are the book-running lead managers to the issue.

The company will launch its initial public offering on Wednesday to raise up to Rs 1,114.7 crore. The company has set a price band of Rs 259-273 per share for its three-day IPO. The IPO will consist of a fresh issue of shares worth Rs 550 crore and an offer for sale of up to Rs 565 crore. The minimum application lot size is 54 shares.

The offer, which concludes on Friday, is set to list on the BSE and the National Stock Exchange.

The company will use Rs 200 crore to fund its marketing and sales costs, while Rs 140 crore will go towards investment in Blackbuck Finserve Pvt. The company will use Rs 75 crore to fund the expenses for its product development.

Zinka Logistics is the parent of digital trucking services platform Blackbuck, which is backed by Flipkart. It 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.

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.