Zinka Logistics shares make a muted debut; stock list at 3% premium

Shares of Zinka Logistics Solutions made a muted Dalal Street debut on Friday as the new-age logistics solutions provider was listed at a premium of 2.89 per cent at Rs 280.90 apiece on NSE, over the given issue price of Rs 273. Similarly, the stock kicked off its maiden trading session at Rs 279.05 on BSE, with a premium 2.22 per cent over the given issue price.

The listing of Zinka Logistics Solutions has been on the better-than-expected lines, which were already hinting at a discount debut. Ahead of listing, shares of Zinka Logistics Solutions were commanding no grey market premium (GMP) following the muted subscription and weak market sentiments.

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.

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 had a positive view on the issue and suggest subscribing for a long term. Axis Capital, JM Financial, Morgan Stanley India and IIFL Securities were the book running lead managers of the BlackBuck IPO, while Kfin Technologies served as the registrar for the issue.