Latest News | Zinka Logistics' Shares Climb Nearly 3 Pc in Debut Trade; Decline Later
Get latest articles and stories on Latest News at LatestLY. Shares of Zinka Logistics Solutions Ltd, a digital platform for truck operators, on Friday listed with a premium of nearly 3 per cent against the issue price of Rs 273.
New Delhi, Nov 22 (PTI) Shares of Zinka Logistics Solutions Ltd, a digital platform for truck operators, on Friday listed with a premium of nearly 3 per cent against the issue price of Rs 273.
The stock made its debut at Rs 279.05, up 2.21 per cent from the issue price on the BSE. But, later the stock gave up all the early gains and were trading 3.44 per cent lower at Rs 263.60.
At the NSE, the stock listed at Rs 280.90, climbing 2.89 per cent. Later, shares of the firm declined 3 per cent to Rs 264.65.
The company's market valuation stood at Rs 4,697.86 crore.
The initial public offering of Zinka Logistics Solutions Ltd got subscribed 1.86 times on the last day of bidding on Monday.
The share sale had a price range of Rs 259-273 apiece.
The IPO had a fresh issue of shares worth Rs 550 crore and an offer-of-sale (OFS) of up to 2.06 crore shares.
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.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)