Zinka Logistics Solutions, Backed by Accel and Flipkart Files DRHP For IPO

Bengaluru based company, Zinka Logistic Solutions, also known as BlackBuck, recently announced that the company has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The company, which operates in the country's largest digital platform for truck operators, in its IPO, will include a fresh issuance of Rs 550 crore and an offer for sale of up yo 21.61 million shares by existing shareholders.

The IPO will be having a face value of Rs 1 per share and will also include a reserved portion for eligible employees, who will get a discount on their bids.

Furthermore, the company is also planning to consider a pre-IPO placement, that could reduce the size of the fresh issuance.

Financial Highlights

As of March 31, 2024, the company employed 1,783 permanent employees and 3,638 contract workers, and its network included 963,345 truck operators, an increase from 482,446 in 2022, accounting for 27.52 percent of India's truck operators.

Zinka Logistics processed payments worth Rs 17,396.19 crore in fiscal 2024, and partners with FASTag banks and oil marketing businesses.

The company's consolidated income from continuing operations climbed by 69.01 per cent to Rs 296.92 crore in fiscal 2024, up from Rs 175.68 crore in fiscal 2023.

Book-running lead managers

The equity shares of Zinka Logistics are set to be listed on BSE and NSE, with Axis Capital Limited, Morgan Stanley India Company Limited, JM Financial Limited, and IIFL Securities Limited acting as the book-running lead managers.