Shares of Zinka Logistics Solution, also known as BlackBuck, are scheduled to list on the stock exchanges on Thursday, November 21, following the completion of allotment on Tuesday, November 19.
The Zinka Logistics Solution IPO, which opened for subscription on Wednesday, November 13, and closed on Monday, November 18, received a favorable response across investor categories.
By the final bidding day, Qualified Institutional Buyers (QIBs) subscribed 2.76 times, retail investors 1.66 times, and non-institutional investors 24%. The employee portion was oversubscribed, reaching 9.88 times. Overall, the IPO saw a subscription status of 1.86 times by the third day, as per BSE data.
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Here are the top 8 things to know before Zinka Logistics Solution Listing
Zinka Logistics Solutions IPO Size
The Bengaluru-based company targets to raise 1,114.72 crore through its initial public offering which comprises a Rs 550-crore fresh issue, and Rs 564.72-crore offer-for-sale at the upper price band.
Zinka Logistics Solutions Latest GMP
The grey market premium (GMP) for Zinka Logistics has fallen to zero, indicating a potentially weak listing for investors. Previously, the GMP was Rs 24 before the IPO opened. Shares of Zinka Logistics are set to list on the NSE and BSE on Thursday, November 21.
Zinka Logistics Solutions IPO Objective
The Flipkart-backed logistics startup, Zinka Logistics, plans to allocate Rs 200 crore from the net fresh issue proceeds for sales and marketing expenses and Rs 75 crore for product development.
Additionally, Rs 140 crore will be invested in its NBFC subsidiary, Blackbuck Finserve, to strengthen its capital base for future needs. The remaining IPO funds will be used for general corporate purposes. Proceeds from the offer-for-sale component will go to the selling shareholders, including promoters and investors.
Brokerages on Zinka Logistics Solutions
Anand Rathi has rated the IPO as “SUBSCRIBE – Long term,” viewing it as a compelling opportunity for long-term investors at a fair price.
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