Zinka Logistics Solutions Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹259 - ₹273
- Lot size
- 54 shares
- Issue amount
- ₹1,114.72 cr
- Total subscription
- 1.87×
- Opens
- 13 Nov 2024
- Closes
- 18 Nov 2024
- Allotment
- 20 Nov 2024
- Listing
- 22 Nov 2024
Offer at a glance
Issue overview
- Issue size
- 4,08,34,377 shares
- Face value
- ₹1 Per Share
- Minimum investment
- ₹13,986
- Fresh issue
- ₹550 cr
- Offer for sale
- ₹564.72 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,742
- Issue type
- Bookbuilding IPO
- Shares before issue
- 15,63,30,160
- Shares after issue
- 17,64,76,680
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 1 | 54 | ₹14,742 |
| sHNI | 14 | 756 | ₹2,06,388 |
| bHNI | 68 | 3,672 | ₹10,02,456 |
Share reservation
Subscription & GMP
Subscription by category
Missing multiples are calculated from bids and offered shares when available.
GMP history
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 77,589 | 1,28,552 |
| HNIs(10L +) | 5,542 | 980 |
| HNIs (2-10L) | 2,771 | 991 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 329.42 | 908.24 |
| RETAIL | 111.41 | 20.22 |
| HNIs 2+ | 55.7 | 20.46 |
| HNIs 10+ | 111.41 | 20.22 |
| EMPLOYEES | 0.71 | 7.01 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-24 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 1.76 | -9.06 | -12.93 |
| ROE | 9.93 | -53.64 | -67.16 |
| ROCE | 1.5 | -33.84 | -45.03 |
| RONW | 9.93 | -53.64 | -67.16 |
| PRE IPO(PE) | -22 | -22 | 0 |
| POST IPO(PE) | 37.2 | -24.84 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Founded in April 2015, Zinka Logistics Solution Limited, popularly known as BlackBuck, is one of India’s largest digital platforms for truck operators, enabling services across payments, telematics, load marketplace, and vehicle financing. In FY 2024, around 9.63 lakh truck operators (27.52% of India’s total) engaged with the platform, reflecting strong industry penetration. BlackBuck processed payments worth ₹1,73,961.93 million (GTV) through its app by March 31, 2024, and supported improved logistics efficiency with an average of 3.56 lakh active telematics devices every month. In addition, the company has facilitated 4,035 vehicle loans totalling ₹1,967.88 million, providing financing solutions across 48 districts in seven states. As of March 31, 2024, BlackBuck employed 4,289 personnel.
Strengths
- Market Leadership in Digital Trucking: Zinka Logistics Solution Limited (BlackBuck) is India’s largest digital platform for truck operators, providing strong competitive positioning and brand credibility.
- Established and Scalable Network: With over nine years of operations, the company has built a deep network of truck operators across India, enabling scale, market access, and efficient service delivery.
- Innovation-Driven Offerings: BlackBuck continues to expand solutions beyond freight matching—such as telematics, digital payments, load marketplaces, and vehicle financing—addressing key industry gaps and enhancing value for truck operators.
Risk factors
- History of Losses and Negative Cash Flows: The Company and its subsidiaries, TZF Logistics Solutions and BlackBuck Finserve, have reported past losses and negative operating cash flows, indicating ongoing financial vulnerability.
- Revenue Concentration on Key Partners: A significant share of revenue (45.26% in FY 2024) comes from a limited number of partners in the payments segment. Any loss or reduction in business from these partners could materially impact performance.
- Dependence on Core Revenue Streams: Payments and telematics together contributed 94.53% of total revenue in FY 2024. Any slowdown, regulatory shift, or competitive pressure in these core offerings could materially affect growth, income, and sustainability.
Promoters
Rajesh Kumar Naidu Yabaji
Chanakya Hridaya
Ramasubramanian Balasubramaniam
Registrar & documents
Lead manager
Axis Capital Limited, Morgan Stanley India Company Private Limited, Jm Financial Limited, IIFL Capital Services Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Bir Plassi Near Sainimajraropar, Nalagarh Road District Solan - 174101
+91 1722656384
[email protected]Company website ↗Understanding BLACKBUCK IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.