Zinka Logistics IPO: A New Era for the Indian Trucking Industry
Zinka Logistics Solutions Ltd's IPO was subscribed 24% on the first day, raising Rs 501 crore from anchor investors. Retail investors showed 50% interest, while QIBs were at 26%. Proceeds will fund sales, marketing, and product development. The company enhances trucking operations via its BlackBuck app.
- Country:
- India
The initial public offering (IPO) of Zinka Logistics Solutions Ltd, a digital platform for truck operators, has garnered significant attention on its first day, securing 24% subscription. On Wednesday, the IPO received bids for 54,08,100 shares against the 2,25,67,270 shares on offer, as reported by NSE data.
Retail Individual Investors (RIIs) showed a 50% subscription, while the Qualified Institutional Buyers (QIBs) category attracted 26% interest. Meanwhile, non-institutional investors contributed to 2% of the subscriptions. Moreover, Zinka Logistics Solutions managed to mobilize over Rs 501 crore from anchor investors.
The Rs 1,115-crore IPO includes a fresh issuance of shares worth Rs 550 crore and an offer for sale (OFS) of up to 2.06 crore shares. From the fresh proceeds, Rs 200 crore is allocated for sales and marketing initiatives, Rs 140 crore for investment in Blackbuck Finserve, and Rs 75 crore for product development. Zinka Logistics aims to digitally transform the Indian trucking industry, providing services like payments and vehicle financing through their BlackBuck app.
(With inputs from agencies.)
ALSO READ
Canada vs India: Sikh Separatist Allegations Spark Diplomatic Tensions
Gold Rush: Indian Buyers Continue Festive Purchases Despite Record Prices
Ambani Takes Swift Leap into India’s Quick Commerce Race
RBI Reveals Surge in India's Gold Reserves Amid Global Crisis
Pat Cummins Aims to Break the India Hoodoo