Zinka Logistics Solutions is likely to finalize the basis of allotment of its shares on Tuesday, November 19. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Thursday, November 21. The logistics solutions provider had received a muted response from the investors during the three-day bidding.
The IPO of Bengaluru-based Zinka Logistics Solutions was open for bidding between November 13 and November 18. It had offered its shares in the price band of Rs 259-273 per share with a lot size of 54 shares. It raised a total of Rs 1,114.72 crore via IPO, which included a fresh share sale of Rs 500 crore and offer-for-sale (OFS) of up to 2,06,85,800 shares worth Rs 564.72 crore.
The issue was overall subscribed merely 1.86 times. The allocation for the qualified institutional bidders (QIBs) was subscribed 2.76 times The portion allocated for retail investors was subscribed 1.66 times. Employee portion was booked 9.88 times. However, The portion for non-institutional investors (NIIs) remained undersubscribed with only 24 per cent bids.
The grey market premium (GMP) for Zinka Logistics has been falling consistently following the muted subscription and weak market sentiments. Last heard, the company was commanding no premium in the unofficial market, suggesting a dull listing for the investors. However, the GMP stood at Rs 24 before the bidding kicked off.
Founded in April 2015, Zinka Logistics Solution is a digital platform for truck operators. Its The BlackBuck App is a platform offering payments, telematics, a load marketplace, and vehicle financing services to empower truck operators to achieve their goals efficiently.
Brokerages mostly have a positive view on the issue and suggest subscribing for a long term citing its leadership in the market, efficient network and rising demand of the digital services. However, negative cash flows, loss making nature of business and rich valuations may dent the sentiments for the company.
Axis Capital, JM Financial, Morgan Stanley India and IIFL Securities are the book running lead managers of the BlackBuck IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE on Friday, November 22.
Investors, who had bid for the issue of Zinka Logistics Solutions, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Zinka Logistics Solutions Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit search button
Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
1) Go to the web portal of KFin Technologies Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.