IPO

Zinka Logistics Solution Limited (BlackBuck) IPO

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Transport Related Services

Listed On: Nov 22, 2024 at ₹ 280.9(NSE)

₹ 14742 /54 Shares

Check Allotment

13 Nov, 2024

Open Date

18 Nov, 2024

Close Date

19 Nov, 2024

Allotment Date

22 Nov, 2024

Listing Date
Price Summary

Last Closing

649.00 (137.73%)

52 Week High

748.00

52 Week Low

248.35

Last Update

28-Oct-2025 3:30 PM
Zinka Logistics Solution (BlackBuck) IPO Issue Details
  • Issue Price ₹259-273 per equity share
  • Face Value ₹1 Per Equity Share
  • Total Issue Size 4,08,32,320 shares(aggregating up to ₹1114.72 crore)
  • Fresh Share 2,01,46,520 shares(aggregating up to ₹550 crore)
  • Offer For Sale 2,06,85,800 shares(aggregating up to ₹564.72 crore)
  • Listing at BSE, NSE
  • List Price 280.9(NSE)
  • Listing Date 2024-11-22
  • Lead Manager Axis Capital Limited
    Morgan Stanley India Company Pvt Ltd
    Jm Financial Limited
    Iifl Securities Ltd
  • Registrar Kfin Technologies Limited
Market Lot Size

Investors can bid for a minimum of 54 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (min) 154₹14,742
Retail(max)13702₹1,91,646
Zinka Logistics Solution (BlackBuck) IPO Reservation

Zinka Logistics Solution (BlackBuck) IPO offers total 4,08,34,701 shares. Out of which 1,22,42,611 (29.98%) allocated to QIB, 61,21,305 (14.99%) allocated to NII,40,80,870 (9.99%) allocated to RII, 26,000 (0.06%) allocated to employees and 1,83,63,915 (44.97%) allocated to Anchor investors.

Investor CategoryShares OfferedMaximum Allottees
Anchor Investor Shares Offered1,83,63,915 (44.97%)
QIB Shares Offered1,22,42,611 (29.98%)
NII (HNI) Shares Offered61,21,305 (14.99%)
bNII < ₹10L40,80,870 (9.99%)
sNII < ₹10L20,40,435 (5%)
Retail Shares Offered40,80,870 (9.99%)
Employee Shares Offered26,000 (0.06%)
Total Shares Offered4,08,34,701 (100%)
Zinka Logistics Solution (BlackBuck) IPO Documents
DRHP
RHP
ANCHOR
Zinka Logistics Solution (BlackBuck) IPO Details


Zinka Logistics Solution (BlackBuck) IPO is a book-built issue of ₹1114.72 crores, The total issue size is ₹1114.72 crores. The IPO of Zinka Logistics Solution (BlackBuck) is priced at ₹259-273 per equity share, which has a face value of ₹1 Per Equity Share each, IPO bidding starts from Nov 13, 2024 and ends on Nov 18, 2024. The allotment for Zinka Logistics Solution (BlackBuck) IPO will be finalized on Nov 19, 2024. Zinka Logistics Solution (BlackBuck) IPO will be listed on BSE, NSE, with a tentative listing date fixed as Nov 22, 2024. The company shall list its equity shares on the BSE, NSE. Kfin Technologies Limited is the registrar of the issue.

Retail investors can bid for a minimum of 54 shares, extendable to 14,742. The book-running lead manager for the IPO is/are Axis Capital Limited, Morgan Stanley India Company Pvt Ltd, Jm Financial Limited, Iifl Securities Ltd.

The total issue ₹1114.72 crore, comprising a fresh issue of 2,01,46,520 shares ₹550 crore and having Offer for Sale (OFS) of 2,06,85,800 shares to mop up ₹564.72 crore.

The Zinka Logistics Solution (BlackBuck) IPO sets its price band at 259-273 for each share. A single application for Zinka Logistics Solution Limited (BlackBuck) IPO must contain at least 54 shares. Sentiment investors need to invest a minimum of 54 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,742

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Zinka Logistics Solution (BlackBuck) IPO Subscription Analysis And Details
Retail
1.66x
QIB
2.76x
NII
0.24x
bNII
0.18x
sNII
0.36x
Total
1.86x
As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved12,242,6116,121,305
4,080,870    2,040,435		4,080,87022,470,786
Day 1 13-11-24 05:00 PM
0.26 x0.02
0.01 x   0.04 x		0.51 x0.24 x
Day 2 14-11-24 05:00 PM
0.26 x0.04
0.01 x   0.08 x		0.90 x0.32 x
Day 3 18-11-24 05:00 PM
2.76 x0.24
0.18 x   0.36 x		1.66 x1.86 x
Total No of Applications
1,29,071
Subscription on the basis of Applications
Retail:1.65x BHNI:0.02x SHNI:0.32x
Zinka Logistics Solution (BlackBuck) Valuations
EPS Pre IPO -₹12.41/-
EPS Post IPO ₹7.34/-
P/E Pre IPO -22
P/E Post IPO -37.2
ROE 9.39%
ROCE 1.50%
Debt/Equity 0.47
RoNW 9.39%
Price to Book Value 14.60
Zinka Logistics Solution (BlackBuck) Company Financials
In Crs.
In Cr.
31-Mar-2431-Mar-2331-Mar-22
Assets654.32654.25899.68
Revenue316.51195.09156.13
Profit After Tax-193.95-290.5-284.56
Net Worth311.29352.66585.08
Reserves & Surplus311.0366.55377.58
Total Borrowing173.74165.84199.00
About Zinka Logistics Solution (BlackBuck) Company

Founded in April 2015, Zinka Logistics Solution Limited, popularly known as BlackBuck, is India’s leading digital platform for truck operators. With a mission to transform the trucking industry, BlackBuck empowers operators across India to streamline operations, make payments, access vehicle financing, and manage logistics efficiently—all through a single app.

As of FY2024, BlackBuck connects over 27.5% of India’s truck operators, with an active network of 963,345 users. Through its comprehensive services, BlackBuck processed a substantial Gross Transaction Value (GTV) of Rs 173,961.93 million. The platform leverages technology to offer telematics services, with 356,050 devices enabling real-time tracking and fleet management. It has further availed vehicle financing options for the loans extended, amounting to 4,035 loans and Rs 1,967.88 million, and covered 48 districts in seven states.

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Zinka Logistics Solution (BlackBuck) - Promoter(s)

Rajesh Kumar Naidu Yabaji

Chanakya Hridaya

Ramasubramanian Balasubramaniam

Pre Issue Share Holding : 32.91%

Post Issue Share Holding : 27.84%

Zinka Logistics Solution (BlackBuck) IPO - Issue Objectives
1

Funding towards sales and marketing costs

2

Investment in Blackbuck Finserve Private Limited, its NBFC subsidiary, for financing the augmentation of its capital base to meet its future capital requirements

3

Funding of expenditure about product development

4

General corporate purposes.

Zinka Logistics Solution (BlackBuck) IPO - Anchor Investors

Zinka Logistics Solutions IPO, institutional investors buy Rs 501 crore in shares via anchor book.

Marquee institutional investors acquired shares in the company via anchor book are Nomura, Hornbill Orchid India Fund, Steadview Capital Mauritius, TIMF Holdings, Florida Retirement System, Massachusetts Institute of Technology, Carmignac Portfolio, BNP Paribas Funds, Pinebridge Global Funds, and Societe Generale.

Additionally, SBI Mutual Fund, Invesco India, Bandhan Mutual Fund, ICICI Prudential Life Insurance, Ashoka Whiteoak, SBI General Insurance, and Nuvama Multi Asset Strategy Return Fund among domestic institutional investors also invested in Zinka

Zinka Logistics Solution (BlackBuck) IPO - Peers Comparison
Company NameEPS (Basic)EPS (Diluted)NAV (per share) (Rs)P/E (x)RoNW (%)P/BV RatioFinancial statements
Zinka Logistics Solution Limited-10.52-10.5216.89N/A-53.64N/AConsolidated
C.E.Info Systems Ltd24.7824.7812.0992.90.2N/AConsolidated
Fleetcor Technologies Limited1118.831100.483678737.820.20.3N/AConsolidated
Full Truck Alliance Co. Ltd0.830.8319.76804.770.06N/AConsolidated

Notes:

  1. The P/E Ratio for the listed industry peer has been computed based on the closing market price of equity shares on BSE for Indian peers and NYSE for International peers, as of June 28, 2024, divided by the diluted EPS for the respective year-end.
  2. Net asset value per share is calculated by dividing net worth as at the end of the period/year, as restated, by the weighted average number of equity shares post adjustment of bonus shares used in calculating EPS for the period/year.
Strength
It is India’s largest digital platform for truck operators in terms of number of users as of March 31, 2024
The company has a repeatable playbook of creating and launching new offerings as it is focused on addressing challenges faced by truck operators in India by creating innovative solutions.
It has a high growth business with operating leverage and strong unit economics due to its asset-light business model which is based on offering services to truck operators, and generates revenue through platform fees, subscription fees and commissions.
Weakness
The company and its subsidiary TZF Logistics Solutions Private Limited have incurred losses and witnessed negative operating cash flows in the past.
It depends on certain key suppliers to procure a significant portion of its vehicle tracking solutions. Any loss of the relationship could adversely affect the company’s business.
Zinka Logistics added that its operations may be affected by fluctuations in the road transportation industry and fuel prices.
Contact Details

Zinka Logistics Solution (BlackBuck)

Vaswani Presidio, no. 84/2, II Floor, Panathur Main Road, Kadubeesanahalli, Off Outer Ring-Road, Bengaluru 560103

+91 8046481828

cs@blackbuck.com

https://www.blackbuck.com/

Registrar Contact Details

Kfin Technologies Limited

04067162222, 04079611000

zinka.ipo@kfintech.com

https://kosmic.kfintech.com/ipostatus/