Blackbuck Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹273
Per ShareLot Size
54 Shares
Minimum Investment
₹14,742
Issue Size
₹1,114.72 Cr
Face Value
₹1
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Blackbuck Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
32.91%
Promoter Holding (Post-Issue)
26.83%
Issue Type
Book Building
ISIN
INE0UIZ01018
About the Company
We are India's largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators in the country transacting on our platform in Fiscal 2024, which comprises 27.52% of India's truck operators (Source: RedSeer Report). Using our platform, our customers (primarily comprising truck operators) digitally manage payments for tolling and fueling, monitor drivers and fleets using telematics (i.e., vehicle tracking and fuel monitoring solutions), find loads on our marketplace and get access to financing for the purchase of used vehicles.
Industry Overview
India's rapid economic growth sets the stage for an expanding trucking sector. The Indian trucking sector is a US$ 18-25 billion revenue pool as of Fiscal 2024 and is expected to grow to US$ 35billion by Fiscal 2028. Trucking is one of the fastestgrowing sectors in logistics in India. High fragmentation in this industry is a result of multiple operationally complex processes required to run the business efficiently. Given the complexity of trucking operations, an operator's oversight can significantly impact profitability. Consequently, managing ownership beyond a few trucks becomes increasingly cumbersome. The trucking industry offers vast revenue potential for companies that solve challenges and inefficiencies and enhance value for truck operators.
Company History
Our Company was incorporated as `Zinka Logistics Solutions Private Limited' at Bengaluru, Karnataka as a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated April 20, 2015, issued by the Registrar of Companies, Karnataka at Bengaluru ("RoC"). Subsequently, our Company was converted to a public limited company and the name of our Company changed from `Zinka Logistics Solutions Private Limited' to `Zinka Logistics Solutions Limited' pursuant to a Shareholders' resolution dated June 11, 2024 and a fresh certificate of incorporation dated June 19, 2024 was issued by the RoC.
Growth Strategy
- Deepen distribution and continue strengthening the truck operator base.
- Continue investing in our core verticals of payments and telematics.
- Focus on growing our loads marketplace and vehicle finance verticals.
- Continue to innovate, launch new offerings and solve problems for truck operators.
- Continue to scale and invest in technology infrastructure and data science capabilities.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 40,834,701 equity shares of face value of Re. 1 each ("Equity Shares") of Zinka Logistics Solutions Limited ("Company") for cash at a price of Rs. 273 per equity share (including a share premium of Rs. 272 per equity share) ("Offer Price") aggregating to Rs. 1114.72 crores^ comprising a fresh issue of 20,148,901 equity shares of face value of Re. 1 each aggregating to Rs. 550.00 crores^ by the company ("Fresh Issue") and an offer for sale of 20,685,800 equity shares of face value of Re. 1 each aggregating to Rs. 564.72 crores by the selling shareholders, consisting of 2,218,822 equity shares of face value of Re. 1 each aggregating to Rs. 60.57 crores by Rajesh Kumar Naidu Yabaji and 1,109,411 equity shares aggregating to Rs. 30.29 crores by Chanakya Hridaya and 1,109,411 equity shares aggregating to Rs. 30.29 crores by Ramasubramanian Balasubramaniam (collectively, the "Promoter Selling Shareholders") and 5,534,341 equity shares aggregating to Rs. 151.09 crores by Quickroutes International Private Limited and 4,309,350 equity shares aggregating to Rs. 117.65 crores by Accel India iv (Mauritius) Limited and 2,340,277 equity shares aggregating to Rs. 63.89 crores by International Finance Corporation and 1,369,149 equity shares aggregating to Rs. 37.38 crores by Internet fund iii pte ltd and 1,126,236 equity shares aggregating to Rs. 30.75 crores by peak xv partners investments vi (formerly sci investments vi) and 618,373 equity shares aggregating to Rs. 16.88 crores by vef ab (publ) and 529,783 equity shares aggregating to Rs. 14.46 crores by sands capital private growth ii limited and 205,898 equity shares aggregating to Rs. 5.62 crores by sands capital private growth limited pcc, cell d and 129,344 equity shares aggregating to Rs. 3.53 crores by Sanjiv Rangrass ("Collectively the "Investor Selling Shareholders") and 85,405 equity shares aggregating to Rs. 2.33 crores by Rajkumari Yabaji (the "Other Selling Shareholder") (the promoter selling shareholders, the investor selling shareholders and the other selling shareholder are collectively referred to as the "Selling Shareholders") and such equity shares offered by the selling shareholders ("Offer for Sale" and together with the fresh issue, the "Offer"). The offer includes a reservation of 26,000 equity shares of face value of Re. 1 each, aggregating to Rs. 0.65 crores^ (constituting 3.65% of the post-offer paid-up equity share capital), for subscription by eligible employees ("Employee Reservation Portion"). The company, in consultation with the brlms may offer a discount of 10% of the offer price to eligible employees bidding in the employee reservation portion ("Employee Discount"), subject to necessary approvals as may be required. The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer constituted 23.14% and 23.12% of the post-offer paid-up equity share capital of the company, respectively. The face value of equity shares is Re. 1 each. The offer price is 273 times the face value of the equity shares. ^ After employee discount.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- We are India's largest digital platform for truck operators.
- We have strong network effects of platform resulting in robust customer retention rates and higher monetization.
- We have a repeatable playbook of creating and launching new offerings.
- We have an omnichannel distribution network with robust sales and service strategy driving customer adoption.
- We have a scalable and reliable in-house technology integrating with multiple stakeholders.
- Some of its Investors have transferred 266,644 Equity Shares to Rajesh Kumar Naidu Yabaji, one of the company Promoters in the month of October 2024 as a gift/Rs.1 per Equity Share. These transfers did not involve any quid pro quo arrangements and were not contingent on the Company achieving certain business / financial milestone or listing of Equity Shares on the Stock Exchanges. There was no agreement subsisting prior to the DRHP to effect these transfers and accordingly were not disclosed in the DRHP. The said transfers will result in a gain of Rs.[*] million at the upper end of the price band to Rajesh Kumar Naidu Yabaji.
- The Company and its Subsidiary, TZF Logistics Solutions Private Limited have incurred losses and witnessed negative operating cash flows in the past. Further, its Subsidiary, BlackBuck Finserve Private Limited, has witnessed negative operating cash flows in the past three financial years.
- The company depends on its business partners in its payments and vehicle financing offerings. The company partners in its payments offering contribute to a significant portion of its revenues (41.04% and 42.50% of total revenue from continuing operations in the three months ended June 30, 2024 and Fiscal 2024, respectively) and one of its FASTag Partner Banks contributed to 29.62% and 33.51% of total revenue from continuing operations in the three months ended June 30, 2024 and Fiscal 2024, respectively. The loss of any such partners may adversely affect its business, results of operations and financial condition.
- Its revenues are significantly dependent on the company payments and telematics offerings, which contributed 92.79% and 94.53% to its total revenue from continuing operations in the three months ended June 30, 2024 and Fiscal 2024, respectively. Any negative impact on these offerings could materially affect its business, results of operations and financial condition.
- The company depends on certain key suppliers to procure a significant portion of its vehicle tracking solutions. The company does not enter into long-term agreements with these suppliers and any denial of supplies or loss of the relationship with these suppliers or any supply chain disruption could adversely affect its business, results of operations and financial condition.