Why Didn't Zinka Logistics Debut on NSE & BSE Today?

Investors who eagerly awaited the debut of Flipkart-backed Zinka Logistics Ltd. (BlackBuck) were surprised when the company's shares did not list on the NSE and BSE today, November 21. The listing was postponed to November 22, following the T+3 listing rule. 

According to the T+3 listing rule, companies must list their shares on the stock exchange within three working days after the IPO closes. Zinka Logistics' IPO, which ended on November 18, was initially set for listing today. However, due to the Maharashtra state elections on November 20, the markets were closed for a public holiday. This pushed the listing day to November 22. 

While the company had planned for a November 21 debut, after filing its DRHP on November 7, the announcement of the market holiday on November 11 altered the schedule. 

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About Zinka Logistics IPO

Zinka Logistics’ IPO ran from November 13 to November 18, 2024. It had a price band of ₹259 – ₹273 per share and a lot size of 54 shares. The IPO raised ₹1,114.72 crore, comprising ₹550 crore from fresh issue shares and ₹564.72 crore through an offer-for-sale.

The IPO witnessed strong demand, with an overall subscription of 1.86 times. Employees showed the highest interest, oversubscribing their portion by 9.88 times. Qualified Institutional Buyers (QIBs) subscribed 2.76 times, while retail investors and Non-Institutional Investors (NIIs) subscribed 1.66 times and 24%, respectively.

The IPO allotments were finalized on November 19, 2024. Axis Capital, Morgan Stanley India, JM Financial, and IIFL Securities were the lead managers, while KFin Technologies served as the registrar.

About Zinka Logistics

Zinka Logistics operates the BlackBuck platform, which offers trucking operations in India. This digital app provides truck operators with services such as payments, telematics, freight marketplaces, and vehicle financing, helping them manage their operations efficiently.

The platform is widely used by Indian truck operators. In FY24, 963,345 truck operators, representing over 27% of all operators in the country, conducted their business through BlackBuck.

In Conclusion

The delay in Zinka Logistics' debut may have caught some investors off guard, the wait is short-lived. With its rescheduled listing now set for November 22, investors can look forward to seeing how this much-anticipated IPO performs on the stock exchanges.

Investors can look forward to the listing on November 22. The strong response to the IPO, especially from institutional buyers and employees, reflects the market’s confidence in the company’s business model and growth prospects.