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The Bengaluru-based company had filed its draft red herring prospectus (DRHP) with Sebi in July for its IPO through which it plans to raise Rs 550 crore in fresh capital. The company’s investors Accel, Tiger Global and Peak XV Partners will participate in the issue’s offer-for-sale (OFS) component of 21.6 million shares.
BlackBuck’s cofounders and promoters Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam will sell 2.2 million shares, 1.1 million shares and 1.1 million shares, respectively.
Accel, the largest shareholder in the firm with a 14% stake, will sell 4.3 million shares and 923,282 shares through its two units. Meanwhile, Tiger Global, Peak XV Partners and B Capital will sell 883,322 shares, 640,409 shares and 529,993 shares in the OFS component, respectively.
Flipkart, through its Singapore-based entity Quickroutes International, will sell 3.9 million shares, while World Bank-backed International Finance Corporation will sell 1.7 million shares and 628,315 shares through two entities. US-based Sands Capital will sell 1.3 million shares, 514,745 shares and 302,328 shares, respectively, through its three entities participating in the OFS.
In the DRHP, BlackBuck’s parent company, Zinka Logistics Solutions, had said that it will spend Rs 200 crore from the IPO proceeds on sales and marketing, with another Rs 140 crore to be invested in BlackBuck Finserve Pvt Ltd (BFPL), its non-banking financial company (NBFC) subsidiary.
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“The net proceeds invested into the NBFC subsidiary will be utilised by BFPL for financing the augmentation of its capital base to meet its future capital requirements,” it said.The firm has appointed Axis Capital, Morgan Stanley, JM Financial and IIFL Securities as its book running lead managers.
In FY24, BlackBuck’s revenue from operations grew 68% year-on-year to Rs 297 crore, while its net loss narrowed to Rs 167 crore compared with Rs 237 crore in the previous year.
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