Zinka Logistics Solutions Ltd, a digital trucking platform, witnessed a moderate response to its initial public offering (IPO) on the first day of bidding, achieving 24% subscription. The IPO, which runs from November 13 to 18, offers shares priced between Rs 259-273 apiece and aims to raise Rs 1,115 crore. According to NSE data, investors bid for 54,08,100 shares against the 2,25,67,270 shares available. The Retail Individual Investor (RII) segment showed higher engagement with a 50% subscription rate, while Qualified Institutional Buyers (QIBs) subscribed to 26%. However, non-institutional investors only accounted for 2% of the demand.
Ahead of the public offering, Zinka raised over Rs 501 crore through anchor investors, bolstering initial confidence. The IPO includes a fresh issue of shares worth Rs 550 crore and an offer for sale (OFS) by promoters and investors valued at Rs 565 crore at the top end of the price range. Funds from the fresh issue will allocate Rs 200 crore for sales and marketing, Rs 140 crore for investment in Blackbuck Finserve to enhance its capital base, and Rs 75 crore for product development. Zinka’s BlackBuck app provides solutions for payments, telematics, load management, and vehicle financing. The company partners with FASTag banks and oil marketing companies to offer tolling and fueling services, earning revenue through transaction commissions.
