According to data from the BSE, bids were placed for 5.4 million shares out of a total of 22.5 million on offer. The retail portion of the offering was subscribed 0.51 times, while non-institutional investors subscribed 0.02 times. Qualified institutional buyers (QIBs) placed bids amounting to 0.26 times the shares on offer.
The IPO consists of a fresh issue of Rs 550 crore and an offer for sale (OFS) of up to 20.6 million equity shares, according to the red herring prospectus.
Prior to the public issue, the company raised Rs 501 crore from anchor investors including international and domestic institutions such as Nomura, Hornbill Orchid India Fund, Steadview Capital Mauritius, BNP Paribas Funds, SBI Mutual Fund, Invesco India, Bandhan Mutual Fund, ICICI Prudential Life Insurance, SBI General Insurance, and Nuvama Multi Asset Strategy Return Fund.
BlackBuck received regulatory approval for the IPO from the Securities and Exchange Board of India (Sebi) last month. Founders Rajesh Yabaji, Chanakya Hridaya and Ramasubramanian Balasubramaniam are selling approximately 4.4 million shares.
Post-IPO, the promoters are expected to hold around 29% of the company.
Discover the stories of your interest
Also Read: BlackBuck sets IPO price band at Rs 259-273; valuation loweredAdditionally, existing investors Accel and Peak XV Partners will participate in the OFS, along with Flipkart, which will sell 5.5 million shares through its Singapore-based entity, Quickroutes International Private Limited, and the World Bank-backed International Finance Corporation (IFC), which will offload 2.3 million shares.
For FY24, BlackBuck reported a 68% year-on-year increase in revenue from operations, reaching Rs 297 crore, while its net loss narrowed to Rs 167 crore from Rs 237 crore the previous year.
In its updated red herring prospectus filed with the market regulator, BlackBuck said it has hived off and sold its corporate freight business for Rs 96 crore in cash and Rs 41 crore in stock. The business has been sold to Gurugram-based Zast Logisolutions, which runs trucking aggregator platform Onmove.
“As we transition into really solving for truck operators, that (corporate freight) business became non-core for us because it was an enterprise business and we are now into serving truck operators, which is a very fragmented, retail business with small customers,” Yabaji earlier told ET.
Also Read: BlackBuck gets Sebi clearance for proposed IPO
Currently, BlackBuck, which claims to host around 27.5% of India’s truck operators on its platform, generates revenue primarily from subscriptions and commissions.
Its services include payments, telematics and vehicle financing, among others.The book-running lead managers of the issue are Axis Capital, Morgan Stanley India, JM Financial and IIFL Capital Services.