 "Zinka Logistics' IPO subscribed 24% of offer size on opening day")
The initial public offer of Zinka Logistics Solutions Ltd, a digital platform for truck operators, got subscribed 24 per cent on the first day of bidding on Wednesday.
The IPO received bids for 54,08,100 shares against 2,25,67,270 shares on offer, as per NSE data.
The portion for Retail Individual Investors (RIIs) got subscribed 50 per cent while the category for Qualified Institutional Buyers (QIBs) fetched 26 per cent subscription. The non-institutional investors part attracted 2 per cent subscription.
Zinka Logistics Solutions Ltd on Tuesday mobilised over Rs 501 crore from anchor investors.
The Rs 1,115 crore IPO is available at a price range of Rs 259-273 apiece for public subscription during November 13-18.
The IPO is a combination of a fresh issue of shares worth Rs 550 crore and an offer of sale (OFS) of up to 2.06 crore shares. The OFS by promoters and investor selling shareholders is valued at Rs 565 crore at the upper end of the price band.
More From This Section
Proceeds from the fresh issuance to the extent of Rs 200 crore will be used for sales and marketing initiatives; Rs 140 crore for investment in Blackbuck Finserve for financing the supporting the capital base to meet future capital requirements; Rs 75 crore for funding of expenditure in relation to product development, and a portion will be used for general corporate purposes.
Zinka Logistics is dedicated to transforming the trucking industry in India by digitally empowering truck operators to manage their businesses and increase their earnings. The company's BlackBuck app serves as a comprehensive platform, providing solutions for payments, telematics, load management and vehicle financing.
The company partners with FASTag banks and multiple oil marketing companies (OMCs) to offer efficient and secure tolling and fueling solutions, generating revenue through commission margins based on transaction values.
Axis Capital, Morgan Stanley India Company, JM Financial and IIFL Capital Services are the book-running lead managers to the issue.