Flipkart-backed online trucking platform Blackbuck has filed the draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for a ₹550-crore initial public offering (IPO).
The public issue includes an offer for sale (OFS) of 21.6 million shares by existing shareholders.
The firm's co-founders, Rajesh Yabaji, Chanakya Hridaya and Ramasubramanian B., will sell 2.2 million, 1.1 million and 1.1 million shares in the OFS. Together, they hold a 32% stake in the firm.
The company’s investors, including Accel Partners, Quickroutes International, Tiger Global and Peak XV Partners, will also sell their shares in the IPO.
Accel will divest 24.2% of the total OFS, i.e. 5,232,632 equity shares; Quickroutes International will offload 3,973,898 equity shares; International Finance Corporation and Tiger Global will sell 3,973,898 and 1,711,962 shares, respectively, showed the DRHP.
Accel controls the largest shareholding in the firm with a 17.07% stake, followed by Quickroutes International's 12.97%. Tiger Global holds 2.91%, Peak XV holds 2.11% and Tribe Capital holds a 2.80% stake.
The fresh issue and the OFS will be allotted at a face value of ₹1. Axis Capital, IIFL Securities, Morgan Stanley and JM Financial are the book-running lead managers.
The company will use the proceeds to fund the capital needs of its non-banking financial company Blackbuck Finserv, said the DRHP.
Blackbuck is a digital platform for truck operators. It offers services like managing payments for tolling and fueling, monitoring drivers and fleets using telematics, finding loads on its marketplace, and access to financing for the purchase of used vehicles.
The company’s revenue from operations grew 68.8% to ₹297 crore, while its losses decreased 33% to ₹194 crore in 2023-24.
