Zinka Logistics Shares Dive Post-Listing

22 Nov 2024 , 03:44 PM

The stock hit an intra-day low of Rs 255.35, down as much as 9%. At Rs 280.90, the stock was launched at a 2.9% premium. The stock closed at Rs 260.05.

For truck drivers, Zinka Logistics Solution provides a digital platform called the BlackBuck app. Over 9.6 lakh truck operators nationwide, or 27.52% of all truck operators in India, used the platform to do business in FY24.

From November 13 to November 18, Zinka’s ₹1,114.72 crore IPO was available for subscription. The Zinka Logistics Solution IPO price range has been set at ₹259 to ₹273 per equity share by the truck operations digital platform that owns the BlackBuck App.

Zinka IPO ended with strong demand after three days of bidding, receiving 1.87 times bids. Out of the 2.24 crore shares available, bids for 4.19 crore shares were received during the IPO. While the non-institutional investors (NII) category was not fully subscribed and was bid 0.24 times, the retail investor sector was booked 1.70 times. 2.72 times as many people subscribed for the qualified institutional buyers (QIB) segment. Lastly, 9.86 bookings of the staff quota were made.

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