BlackBuck app owner Zinka Logistics closes 7% lower on listing day
The BlackBuck app owner listed at a premium of over 2% when markets opened for trading today.
Shares of Zinka Logistics on Friday fell about 7% to close at Rs 260.20 apiece on its first day of listing on Indian stock exchanges after opening at a premium.
The company, which operates the BlackBuck app–a digital platform for truck operators–made a strong debut, opening at Rs 280.09 apiece, which marked a 2.89% increase from its issue price amidst a general uptick in the market.
BlackBuck’s initial public offering (IPO) was subscribed about 1.85 times on its final day, seeing a decline in demand compared to the likes of recent IPOs, including EV maker Ola Electric, which was subscribed 4X times, and food delivery platform Swiggy, which was subscribed 3.59 times.
The company had priced its IPO between Rs 259-273 per share for its Rs 1,115 crore initial sale.
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.
In FY24, Zinka cut its losses by 33% to Rs 193.9 crore from Rs 290 crore a year ago. During the same period, it witnessed a 69% rise in operating revenue to Rs 296.9 crore compared to Rs 175.6 crore in FY23.
“BlackBuck epitomises what it means to tackle truly ‘real’ problems and is a great example of the impact one can deliver to the industry and society at large. It’s been our privilege at Accel to partner with this exceptional team from their Seed round in 2015,” said Anand Daniel, Partner at Accel.
According to the company's draft red herring prospectus, the early-stage fund divested 24.2% of the total OFS.
BlackBuck is the second logistics startup to list on Indian bourses after SoftBank-backed Delhivery listed in May 2022.
Founded in 2015, Zinka Logistics’ BlackBuck is an AI-based freight marketplace that helps book trucks for transportation along with other services.
Edited by Suman Singh
