Zinka Logistics IPO subscribed 1.86 times on final day
initial public offering (IPO) of Zinka Logistics, the parent company of Flipkart-backed trucking aggregator BlackBuck, sailed through on the last day of its public issue, with bids exceeding more than 1.86 times the shares the company has put up for sale.
According to data from the BSE, the public issue received bids for 4.19 crore shares against the 2.25 crore shares on offer.
Qualified institutional buyers (QIBs) bid 2.76 times the shares reserved for them, while retail investors subscribed to their portion 1.66x. Employee bids reached 9.88 times, whereas non-institutional investors (NIIs) subscribed 0.24 times.
The IPO consists of a fresh issue of shares worth Rs 550 crore and an offer-for-sale (OFS) of up to Rs 565 crore. The shares are scheduled to be listed on November 21.
The IPO opened on November 13, with the price band set at Rs 259 to Rs 273 per share. This valued the company at Rs 4,818 crore, a 36% decrease from its previous private valuation of Rs 7,500 crore in July 2021, following a funding round led by Tribe Capital.
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