Retail participants have subscribed to the BlackBuck IPO by 71%, while the qualified institutional buyers portion has been booked 0.25 times
At the the upper end of the price range of INR 259-273, BlackBuck’s IPO will fetch around INR 1,115 Cr from investors
Founded in 2015, BlackBuck operates an online B2B marketplace for inter-city full truck load (FTL) transportation
Driven by robust demand from retail investors, the initial public offering (IPO) of logistics major BlackBuck
has been subscribed 28% on the second day of the bidding process.
Investors had bid for 62.40 Lakh shares out of 2.24 Cr shares reserved for them till 11:03 AM today (November 14), as per BSE data.
The quota reserved for retail participants attracted bids for 28.90 Lakh shares as against 40.80 Lakh shares on offer, translating to a 71% subscription.
Qualified institutional buyers bid for 30.94 Lakh shares out of 1.22 Cr shares reserved for them, subscribing to the issue by 25%.
The BlackBuck IPO garnered least interest from non-institutional buyers, who booked the issue 0.02 times, placing bids for 1.45 Lakh shares as against 61.21 Lakh shares on offer. The employee portion has been oversubscribed 4.25X.
At the end of the first day of the bidding process, BlackBuck’s IPO was subscribed 24%.
Founded in 2015 by Rajesh Kumar Naidu Yabaji, Chanakya Hridaya and Ramasubramanian Balasubramaniam, BlackBuck operates an online B2B marketplace for inter-city full truck load (FTL) transportation.
Its platform provides payment options, load marketplace, and vehicle financing services to truck operators in the country. The company claims to be the online trucking platform in India, accounting for 27% market share of all truck operators.
The company has fixed a price range of INR 259 to INR 273 per equity share for its IPO, which will be available for bidding till November 18.
At the upper end of the price band, Zaggle aims to raise as much as INR 1,114.72 Cr via its IPO.
Ahead of its IPO, BlackBuck raised INR 501 Cr from anchor investors, including Nomura, Invesco, SBI, Streadview, Hornbill Orchid India Fund, TIMF Holdings, Florida Retirement System, Massachusetts Institute of Technology, Carmignac Portfolio, BNP Paribas Funds, Pinebridge Global Funds, among others.
The company reported a net profit of INR 28.67 Cr in the first quarter of the financial year 2024-25 (Q1 FY25) on an operating revenue of INR 92.16 Cr.
BlackBuck’s IPO comes at a time when India has emerged a hotbed for startup IPOs, with nearly a dozen new-age tech companies making their stock market debut this year. The list includes Ola Electric, Unicommerce, FirstCry, ixigo, Menhood, among others.
Food delivery and quick commerce giant Swiggy made its Dalal Street debut on November 13, with its shares listing at a 8% premium on the NSE. Others like Ather Energy, MobiKwik and Smartworks are also looking to go public over the next few months.
