Latest News | Zinka Logistics IPO Subscribed 1.86 Times
Get latest articles and stories on Latest News at LatestLY. The initial public offering of Zinka Logistics Solutions Ltd, a digital platform for truck operators, got subscribed 1.86 times on the last day of bidding on Monday.
New Delhi, Nov 18 (PTI) The initial public offering of Zinka Logistics Solutions Ltd, a digital platform for truck operators, got subscribed 1.86 times on the last day of bidding on Monday.
The share sale received bids for 4,19,40,018 shares, as against 2,25,67,270 shares on offer, as per NSE data.
The portion for Qualified Institutional Buyers (QIBs) fetched 2.76 times subscription, while the category for Retail Individual Investors (RIIs) got subscribed 1.65 times. The quota for non-institutional investors attracted 24 per cent subscription.
Zinka Logistics Solutions Ltd on Tuesday mobilised over Rs 501 crore from anchor investors.
The Rs 1,115-crore IPO (Initial Public Offering) has a price range of Rs 259-273 apiece.
The IPO is a combination of a fresh issue of shares worth Rs 550 crore and an offer-of-sale (OFS) of up to 2.06 crore shares. The OFS by promoters and investor selling shareholders is valued at Rs 565 crore at the upper-end of the price band.
Proceeds from the fresh issuance to the extent of Rs 200 crore will be used for sales and marketing initiatives; Rs 140 crore for investment in Blackbuck Finserve for financing the supporting the capital base to meet future capital requirements; Rs 75 crore for funding of expenditure in relation to product development, and a portion will be used for general corporate purposes.
Zinka Logistics is dedicated to transforming the trucking industry in India by digitally empowering truck operators to manage their businesses and increase their earnings.
The company's BlackBuck app serves as a comprehensive platform, providing solutions for payments, telematics, load management and vehicle financing.
The company partners with FASTag banks and multiple oil marketing companies (OMCs) to offer efficient and secure tolling and fueling solutions, generating revenue through commission margins based on transaction values.
Axis Capital, Morgan Stanley India Company, JM Financial and IIFL Capital Services are the book-running lead managers to the issue.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)