The operator of the BlackBuck platform, Zinka Logistics Solutions shares on Friday (November 22) saw a sharp decline after their subdued stock market debut. The shares of the company by mid-day trading session had fallen by nearly 7 per cent from its listing price.
A Modest Start on the BSE and NSE
The company made its debut on the Indian bourses today. On the Bombay Stock Exchange (BSE), the shares got listed at Rs 279.05 per share, just 2.2 per cebt higher than the IPO price of Rs 273. Similarly, on the National Stock Exchange (NSE), the stock opened slightly higher at Rs 280.90, a premium of 2.89 per cent.
However, during the day's trading hours, the initial enthusiasm waned as selling pressure mounted. By 1:24 PM IST, the stock was trading at Rs 259.35 on the BSE and Rs 260.55 on the NSE, a decline of over 7 per cent from its debut price.
Share performance - NSE |
BlackBuck: Trucking Platform
Through its BlackBuck platform, Zinka logistics has carved itself into one of the major position in the country's trucking ecosystem. It operates a range of services for truck operators, including toll payments, fuel solutions, fleet tracking, and load matching.
Coming to the market performance, as of FY2024, the company has captured 27.52 per cent of the truck operator market, facilitating over 413 million transactions.
Zinka Logistics Solutions IPO
Zinka Logistics Solutions Limited public issue opened on November 13 and closed on November 15. On the final day of bidding, the IPO was subscribed at a rate of 1.86 times. The issue received a total of 4,19,04,864 bids against the offered 2,25,67,270 equity shares.
The price band for the issue was kept between Rs 259 to Rs 273 per share.
