Zinka Logistics IPO Subscribed 53% So Far: Check GMP, Listing Date, Allotment and More

The initial public offering (IPO) of Zinka Logistics Solution Limited, the parent of digital trucking solutions platform Blackbuck, will be closed for subscription today.

The IPO worth Rs 1,114.7 crore received 0.53 times subscription till 2 PM on the final day of bidding. It comprises a fresh issue of shares worth Rs 550 crore and an offer for sale (OFS) up to Rs 565 crore, according to DRHP filed with the Securities and Exchange Board of India (SEBI).

The share allotment will be finalised on November 19, while the listing will take place on November 21.

Zinka Logistics IPO GMP

The shares of Zinka Logistics Solutions continue to trade at the same price in the grey market as its issue price. The zero grey market premium or GMP indicates that the company is expected to witness a subdued listing. The price band for the Blackbuck IPO has been set at Rs 259 to Rs 273 per share.

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Zinka Logistics IPO Subscription

On the last day of subscription, the Blackbuck IPO has been subscribed 53 per cent so far. The portion booked for qualified institutional buyers (QIBs) has been subscribed 0.44 times, non-institutional investors’ (NIIs) quota has been booked 0.11 times, retail investors portion has been booked 1.37 times and the employees' portion has been subscribed 8.34 times so far. The issue was booked 32 per cent on Day 2 and 24 per cent on its first day of bidding.

The IPO comprises a fresh issue of shares worth Rs 550 crore and an offer for sale (OFS) of up to 2.06 crore shares. The minimum lot size for an application is 54 shares for retail investors. The minimum amount of investment required by retail investors is Rs 14,742, at the upper price band. The minimum lot size investment for small NII is 14 lots (756 shares), amounting to Rs 2,06,388, and for big NII, it is 68 lots (3,672 shares), amounting to Rs 10,02,456.

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Promoters Rajesh Kumar Naidu, 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.

On Tuesday, the company raised over Rs 501 crore from anchor investors, a day before its initial share-sale opening for public subscription.

The proceeds from the fresh issuance to the extent of Rs 200 crore will be used for sales and marketing purposes, Rs 140 crore for investment in Blackbuck Finserve for financing the supporting the capital base to meet future capital requirements, Rs 74 crore for funding expenditure related to product development, and a portion will be used general corporate purposes.

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