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19 Nov 2024
Zinka Logistics Solutions Ltd, based in Bengaluru, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
Zinka Logistics aims to revolutionize the Indian transportation industry by equipping truck owners with digital tools to enhance business management and profitability. Their BlackBuck app serves as a comprehensive platform, offering vehicle financing, load management, telemetry, and payment solutions.
The IPO, with a face value of ₹1 per share, includes a fresh issue worth ₹550 crore and an offer for sale (OFS) by promoters and investors for up to 21.61 million equity shares.
The OFS includes up to 22.19 lakh shares by Rajesh Kumar Naidu Yabaji, 11.09 lakh shares each by Chanakya Hridaya and Ramasubramanian Balasubramaniam, and shares by several investors, including Accel India IV (Mauritius) Ltd, Quickroutes International Private Ltd, International Finance Corporation, Sands Capital Private Growth II Ltd, GSAM Holdings LLC, Accel Growth Fund V L.P., and Internet Fund III Pte Ltd.
The fresh issue's proceeds will be allocated as follows: up to ₹200 crore for sales and marketing expenses, ₹140 crore to Blackbuck Finserve Private Ltd to expand its capital base, and ₹75 crore for product development and general corporate purposes.
The pre-IPO placement, subject to approval, could account for up to 20% of the fresh offering, reducing the new issue size upon completion. Zinka Logistics has allocated at least 75% of the public issue shares for qualified institutional buyers (QIB), up to 15% for non-institutional investors (NII), and up to 10% for retail investors.
The lead managers for the IPO are Axis Capital Ltd, IIFL Securities Limited, JM Financial Ltd, and Morgan Stanley India Company Ltd, with KFin Technologies Ltd acting as the offer's registrar.
The increase in average monthly transacting truck operators has boosted Zinka Logistics' commission, subscription, and service fees. Consequently, the company's consolidated revenue from continuing operations rose by 69.01%, reaching ₹296.92 crore in Fiscal 2024 from ₹175.68 crore in Fiscal 2023.
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