Today, i.e. November 18, is the third and final day of the IPO of Jinka Logistics Solutions Limited. This issue was subscribed to 32% in two days. This IPO was subscribed to 92% in the retail category, 25% in the Qualified Institutional Buyers (QIB) category and 4% in the Non-Institutional Investors (NII) category.
In this IPO of size of Rs 1,114.72 crore, new shares worth Rs 550 crore will be issued, while 2.16 crore shares will be offered for sale by shareholders and promoters existing. The value of OFS in the upper price bracket will be around Rs 564.72 crore.
Retail investors can bid for up to 756 shares Jinka Logistics Solutions Ltd has set the price band for its public issue at Rs 259-273 per share. Individual investors can bid on at least one lot, i.e. 54 shares. If you apply for 1 lot in the upper IPO price band of Rs 273, then you will need to invest Rs 14,742.
At the same time, retail investors can apply for a maximum of 14 lots, i.e. 756 shares, for this, investors will have to invest Rs 206,388 as per the upper price band. Employees of the company will get a cut of Rs 25 per share during the IPO.
10% share reserved for individual investors 75% of the IPO is reserved for qualified institutional buyers, 10% for retail investors and 15% for non-institutional investors. Axis Capital Ltd, Morgan Stanley India Company Pvt Ltd, JM Financial Ltd and IIFL Securities Ltd are the lead managers of the IPO. Kfin Technologies Limited is the registrar of the issue.
The proceeds from the IPO will be used to fund sales and marketing costs, invest in NBFC subsidiary Blackbug Finserv Pvt Ltd, fund product development expenses and for general corporate purposes.
What does the company do? Jinka Logistics is India’s largest digital platform for truck operators. The company was established in 2015. Zinka’s platform provides tailor-made solutions for digital payments, fleet management, load matching and vehicle financing. Its market share in the toll segment is 32.92%. The company is also known as Blackbug. The promoters of the company are Rajesh Kumar Naidu Yabaji, Chanakya Hriday and Ramasubramanian Balasubramaniam.