Zinka Logistics Solutions IPO: The Flipkart-backed initial public offering (IPO) of Zinka Logistics Solutions Limited opened for subscription on Wednesday, November 13, and closed after the market session on Monday, November 18. The IPO was subscribed 1.86 times on the third and final day of the bidding process, as investors bid for 4.19 crore equity shares compared to the 2.25 crore shares on offer.
The book build issue combines a fresh issue of 2.01 crore shares aggregating ₹550.00 crore and an offer for sale (OFS) of 2.07 crore shares aggregating ₹564.72 crore by the current shareholders and promoters. The OFS will be valued at ₹564.72 crore at the highest price point. The company aims to raise ₹1,114.72 crore from the public markets.
On the final day of subscription, the Qualified Institutional Buyers (QIB) segment led the bidding on the final day, subscribing to the public offer 2.76 times. The retail investors followed the QIB lead, and the segment was booked 1.65 times on the final day. The Non-Institutional Investor (NII) segment was subscribed 24 per cent on the final day, according to data collected from the Bombay Stock Exchange.
Zinka Logistics Solutions set the price band for the public issue at the range of ₹259 to ₹273 per equity share, with a face value of Re 1 per share. The company raised ₹501.33 crore via anchor investors ahead of the public issue.
As of November 18, the grey market premium (GMP) for the Zinka Logistics Solutions public issue is nil. Even though the IPO was overbooked, the GMP signals show flat investor interest.
Grey market premium is the willingness of the investor to pay more for a public issue. The shares are expected to be listed at the upper price band of ₹273, according to data collected from Investorgain.com.
The Bengaluru-based company is the largest digital platform for truck operators in India, with a user base of 963,345 truck operators engaging on its platform during the financial year 2024. The truck operators use the platform's services, such as payment solutions, telematics, a marketplace for loads, and vehicle financing services.
The company has reserved not less than 75 per cent of the shares for qualified institutional buyers (QIB), not more than 15 per cent for non-institutional Institutional Investors (NII), and not more than 10 per cent for retail investors.
The IPO's allotment is expected to be finalized on Tuesday, November 19, 2024. The public issue is poised to be listed on the BSE and NSE exchanges on Thursday, November 21, 2024.
