Zinka Logistics Solutions Limited IPO
Zinka Logistics Solutions Limited IPO
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The public market debut of Zinka Logistics Solutions Limited's was completed on 22-11-2024 with its listing on the NSE, BSE exchange. The IPO process raised 4,08,34,377 Shares in total capital, consisting of 2,01,48,577 Shares in new equity and ₹564.72 Cr in existing share sales through the OFS route.
The offering featured a price range of ₹259 to ₹273 and minimum application size of 54 shares. Investor response during the subscription period from 13-11-2024 to 18-11-2024 influenced the final allotment ratios across investor categories.
Final allotment was announced on 20-11-2024, distributing shares to successful subscribers. The listing established a continuous market for the company's shares, enabling liquidity, valuation transparency, and broader investor participation.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Zinka Logistics IPO About Company
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.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Zinka Logistics IPO Strength Factors
- 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.
Zinka Logistics IPO 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.
Zinka Logistics IPO Lead Manager(s)
- Axis Capital Limited
- Morgan Stanley India Company Private Limited
- Jm Financial Limited
- IIFL Securities Limited
Zinka Logistics IPO Promoter(s)
- Rajesh Kumar Naidu Yabaji
- Chanakya Hridaya
- Ramasubramanian Balasubramaniam
Zinka Logistics IPO FAQs
Zinka Logistics Solutions Limited IPO subscribed 1.87 times. The public issue subscribed 1.7 times in the retail category,--times in QIB, and -- times in the HNI (10+) category byNovember 18, 2025 9:40:39 AM (Day 18).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Zinka Logistics IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Zinka Logistics IPO FAQs
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