Here's Why Zinka Logistics Will Not Debut On Stock Exchanges Today

The debut of the Flipkart backed-Zinka Logistics Ltd. on the national bourses will happen on Nov. 22 instead of Nov. 21 because of the usual T+3 listing schedule as markets were shut on Wednesday.

The maiden issue worth Rs 1,114.7 crore closed on Nov. 18, which was subscribed 1.86 times, led by qualified institutional buyers.

The company was initially planned to list on Thursday after it had filed its red hearing prospects with the Securities and Exchange Board of India on Nov. 7. However, the announcement of a market holiday on account of the Maharashtra state election came on Nov. 11 after the tentative listing day was set.

The T+3 listing rule is a regulation that requires public issues of equity and debt securities to be listed on a stock exchange within three working days of the issue closing date.

The Rs 1,114.7-crore offer consists of a fresh issue of shares worth Rs 550 crore, and an offer-for-sale of up to Rs 565 crore.

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

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.

As of Aug. 31, 2024, the company's outstanding borrowings on a consolidated basis aggregated to Rs 151.53 crore, as per their red herring prospectus.

The grey market premium of Zinka Logistics was nil as of 09:20 a.m., implying no gains over the IPO price, according to InvestorGain. The estimated listing price based on the GMP is Rs 273 per share.

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

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.