Key Points
- The ₹1,114.72 crore IPO of Zinka Logistics Solutions opens today.
- The price range for the offer is ₹259-273 per share.
- The IPO includes a fresh issue and an offer for sale by promoters and investors.
- Anchor investors have already committed ₹501 crore ahead of the offering.
- The funds will be used for marketing, product development, and corporate purposes.
- Zinka connects 63,345 truck operators across India through its platform.
Looma News
Zinka Logistics Solutions Limited’s IPO, worth ₹1,114.72 crore, opens today with a price range between ₹259 and ₹273 per share. The offering consists of a fresh issue of up to ₹550 crore and an offer for sale of up to 2.07 cr shares, totaling ₹564.72 crore. The offer will close on Friday and shares will be sold through a book-building process.
The share allocation is mainly aimed at institutional investors, with 75% of the offer reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors. The minimum bid is for 54 shares, with additional bids in multiples of 54 shares.
Before the public offering, Zinka secured ₹501 crore from anchor investors, who bought 83,63,915 shares at ₹273 each. Some of the notable investors include Nomura, Steadview Capital, TIMF Holdings, as well as mutual funds like SBI Mutual Fund and ICICI Prudential Life Insurance. This anchor investment is part of a larger allocation of 1.83 crore shares to institutional investors.
The funds raised from the IPO will be used for marketing, product development, and to support the capital base of Blackbuck Finserve Private Limited. Zinka connects 63,345 truck operators across India through its platform and works with banks and oil companies to provide tolling and fueling solutions. For the quarter ending June 30, FY24, Zinka reported a gross transaction value (GTV) of ₹5,356.20 crore.
The IPO is managed by Axis Capital Limited, Morgan Stanley India Company Limited, JM Financial Limited, and IIFL Capital Services Limited, with KFin Technologies Limited serving as the registrar for the offer.
