Today i.e. 18th November is the third and last day of the IPO of Jinka Logistics Solutions Limited. This issue has been subscribed total 32% in two days. This IPO has been subscribed 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 Rs 1114.72 crore, new shares worth Rs 550 crore will be issued, while 2.16 crore shares will be offered for sale by the existing shareholders and promoters. The value of OFS at the upper price band will be approximately Rs 564.72 crore.
Retail investors can bid for maximum 756 shares Jinka Logistics Solutions Ltd has set the price band for its public issue at Rs 259-273 per share. Retail investors can bid for a minimum of one lot i.e. 54 shares. If you apply for 1 lot at the upper price band of IPO at Rs 273, then you will have to invest Rs 14,742.
At the same time, retail investors can apply for maximum 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 discount of Rs 25 per equity share in the IPO.
10% share reserved for retail 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 book running lead managers for the IPO. Kfin Technologies Limited is the registrar to the issue.
The IPO proceeds 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 started in 2015. Zinka's platform provides tailored solutions for digital payments, fleet management, load matching and vehicle financing. Its market share in the tolling 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.
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