Zinka Logistics Solutions Limited, one of the key player in the country’s trucking indistry, on Day 3 or end of the final day of bidding was subscribed at a rate of 1.86 times.
Final Day Highlights: Subscription Numbers
Zinka Logistics’ IPO saw a total of 4,19,04,864 bids against the offered 2,25,67,270 equity shares.
The price band of the issue ranged betweem Rs 259 to Rs 273 per share, according to data from stock exchanges.
A standout element was the overwhelming response from the employee portion, which was subscribed 9.85 times.
IPO/ Representative Image | Freepik
The Qualified Institutional Buyers (QIBs) portion followed with a subscription of 2.76 times. Meanwhile, the retail portion was subscribed 1.65 times, while the Non-Institutional Investors (NIIs) portion was subscribed only 0.23 times.
Book-Running Managers and Registrar
The IPO was managed by leading firms including Axis Capital Limited, Morgan Stanley India Company Private Limited, JM Financial Limited, and IIFL Capital Services Limited. KFin Technologies Limited served as the registrar for the offer.
A Snapshot of Zinka Logistics
Zinka Logistics, a company which operates in the trucking industry in India, has positioned itself as a digital bridge for truck operators.
Through its BlackBuck app, the company specialises in a range of services such as the payment solutions, telematics, load management, and vehicle financing.
Coming to the financial highlights, as of June 30, 2024, the company 1,849 permanent staff members and engaged 3,688 contract workers.
Image used for representational purposes only | Canva
By Fiscal 2024, the company had expanded its fleet to 963,345 truck operators, a substantial increase from 482,446 in Fiscal 2022.
The company processed a Gross Transaction Value (GTV) of Rs 5,356.20 crore for the three months ended June 30, 2024, and Rs 17,396.19 crore for Fiscal 2024.
In the three-month period ending June 30, 2024, Zinka had 310,989 monthly transacting users who availed at least two of its services, processing over 128.31 million transactions.
GMP and Listing
At the time of writing, the grey market premium (GMP) for Zinka Logistics Solutions shares is Rs 0, indicating that the shares are trading at their issue price of Rs 273 with no premium or discount.
The company is expected to be listed on the Indian bourses on November 21, 2024.
