Blackbuck IPO Closed
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Schedule of Blackbuck
| Issue open date | 13 Nov 2024 |
| Issue close date | 18 Nov 2024 |
| UPI mandate deadline | 18 Nov 2024 (5 PM) |
| Allotment finalization | 19 Nov 2024 |
| Refund initiation | 20 Nov 2024 |
| Share credit | 20 Nov 2024 |
| Listing date | 21 Nov 2024 |
| Mandate end date | 03 Dec 2024 |
| Lock-in end date for anchor investors (50%) | 19 Dec 2024 |
| Lock-in end date for anchor investors (remaining) | 17 Feb 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Blackbuck
Incorporated in 2015, Zinka Logistics Solutions (Blackbuck) is India’s largest digital platform for truck operators, serving nearly a million users in Fiscal 2024, representing over 27.5% of India’s truck operators. Its key offerings include payment solutions for tolls and fuel, holding a market share of 32.9% in the truck tolling segment and partnering with oil marketing companies for cashless fuel payments at 72% of Indian fuel stations. Telematics services provide real-time fleet management and route optimization, while its loads marketplace connects truck operators with shippers, making it India’s largest digital freight platform. Vehicle financing options also cater to used commercial vehicle purchases. By March 2024, Blackbuck had established a network across 628 districts, covering 80% of India, with 9,395 digital touchpoints for onboarding and servicing.
Financials of Blackbuck
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹1114.72 crores |
| Fresh Issue | ₹550 crores |
| Offer for sale | ₹564.72 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Funding towards sales and marketing costs | 200 (17.95%) |
| Investment in Blackbuck Finserve Private Limited | 140 (12.56%) |
| Funding of expenditure concerning product development | 75 (6.73%) |
| General corporate purposes | 699.72 (62.76%) |
*All figures except EPS are in ₹ crores
Strengths
- The company is India’s top digital platform for truck operators, leveraging its market position to drive digital transformation in the trucking industry.
- The company grew its network to 963,345 annual transacting truck operators by Fiscal 2024, enhancing appeal to partners.
- The asset-light model generates revenue from platform fees, subscriptions, and commissions without inventory risk or truck ownership.
Risks
- Heavy revenue reliance on payments and telematics offerings makes the business vulnerable to issues in these areas.
- History of losses and negative cash flows in the company and its subsidiaries raising concerns about financial stability.
- Debt obligations and financial commitments that could impact profitability and cash flow.
- Legal and regulatory risks, including potential criminal proceedings, may affect operations and reputation.
- High dependence on telecommunications and IT systems; disruptions could hinder platform efficiency and service delivery.
Subscription Figures for Blackbuck
Subscription numbers as of 07:00 pm on 18 Nov 2024:
| Category | Shares Reserved | Shares Bid | Subscription (No. of times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 1,20,66,813 | 3,32,68,698 | 2.76 |
| Non Institutional Investors | 62,84,674 | 14,90,292 | 0.24 |
| Retail Individual Investors (RIIs) | 41,89,783 | 69,41,808 | 1.66 |
| Employees | 26,000 | 2,56,878 | 9.88 |
| Total | 2,25,67,270 | 4,19,57,676 | 1.86 |