Upcoming IPOs: Zinka Logistics, Standard Glass gets Sebi nod for public issues

The markets regulator Securities and Exchange Board of India (SEBI) has given its approval to Zinka Logistics and Standard Glass to raise funds through initial public offering (IPO).

In an earlier notification, Sebi also gave its green signal to National Securities Depository (NSDL), which had filed draft red herring prospectus in July last year.

Zinka Logistics

Zinka Logistics Solutions, operating under the Blackbuck brand, submitted its draft papers on July 5, 2024. The Securities and Exchange Board of India (SEBI) issued an observation letter to the company on October 3.

As part of its initial public offering (IPO), the Flipkart-backed logistics startup aims to raise ₹550 crore through a fresh issue. This offering also includes an offer-for-sale of 2.16 crore equity shares by founders Rajesh Yabaji, Chanakya Hridaya, and Ramasubramanian Balasubramaniam.

Investors such as Accel India, GSAM Holdings, Quickroutes International (associated with Flipkart), International Finance Corporation, Sands Capital, and Internet Fund III will also participate as selling shareholders in this offer-for-sale by the Bengaluru-based digital platform for truck operators.

The proceeds from the fresh issue will primarily be used for sales and marketing expenses, investing in Blackbuck Finserve (a non-banking financial company subsidiary) to enhance its capital base for future requirements, funding product development, and covering general corporate expenses.

The book-running lead managers appointed for managing the IPO are Axis Capital, Morgan Stanley India Company, JM Financial, and IIFL Securities.

Standard Glass

The Hyderabad-based company submitted its initial paperwork for an IPO on July 24 this year, with SEBI providing its observation letter regarding these documents on October 1.

Standard Glass Lining Technology's IPO consists of a fresh issue of ₹250 crore and an offer-for-sale of 1.84 crore equity shares from existing shareholders, including promoters like S2 Engineering Services, Kandula Ramakrishna, Kandula Krishna Veni, Nageswara Rao Kandula, and Standard Holdings.

The company, which produces specialized engineering equipment for India's pharmaceutical and chemical industries, intends to use the proceeds from the fresh issue for purchasing machinery and equipment, repaying debt, pursuing inorganic growth, and other general corporate purposes.

IIFL Securities and Motilal Oswal Investment Advisors will serve as the merchant bankers for the offering.