BlackBuck Files RHP, IPO To Open On November 13

Amid a surge in public listings of new-age tech companies, Flipkart-backed logistics unicorn BlackBuck has filed its red herring prospectus (RHP) with the Registrar of Companies.

The Bengaluru-based company has decided to open its maiden public issue for subscription on November 13, which will close on November 18.

The BlackBuck IPO is a combination of fresh issuance of equity shares worth INR 550 Cr and an offer for sale of 2.06 Cr shares by several existing shareholders, as per the RHP.

The company has reduced the offer for sale component from 2.16 Cr shares earlier mentioned in the draft red herring prospectus filed in July.

Peak XV and Accel-backed BlackBuck has set a price band of INR 259 to INR 273 per equity share for its upcoming IPO. The logistics company aims to raise as much as INR 1,114.72 Cr in this much-anticipated listing.

At the upper end of the price band, BlackBuck will be valued at about INR 4,817 Cr. This is a cut of about 35% from its last private valuation when it entered the coveted unicorn club.

The anchor book for BlackBuck’s IPO is slated to open for one day on November 12.

The startup aims to deploy INR 140 Cr from the IPO proceeds in its non-banking financial company (NBFC) subsidiary BlackBuck Finserv. However, the largest chunk of capital, INR 200 Cr, will be utilised for sales and marketing activities. Besides, the startup will also spend on product development and general corporate purposes.

The public issue will see Investors Peak XV, Accel India, Flipkart’s subsidiary Quickroutes International, among others, divesting their shares in the offer for sale of the company.

Founded in 2015 by Rajesh Kumar Naidu Yabaji, Chanakya Hridaya and Ramasubramanian Balasubramaniam, BlackBuck operates an online B2B marketplace for inter-city full truck load (FTL) transportation. Its platform provides payment options, load marketplace, and vehicle financing services to truck operators in the country. 

It claims to be the largest online trucking platform in India, accounting for 27% market share of all truck operators.

The startup has raised more than $360 Mn in funding till date. Notably, BlackBuck entered the unicorn club in 2021 after raising $67 Mn in a round led by Tribe Capital, IFC Emerging Asia Fund and VEF to enter the unicorn club in 2021. 

As per its RHP, BlackBuck reported a net profit of INR 28.67 Cr in June quarter of the financial year 2024-25 (Q1 FY25) as against a loss of INR 35.93 Cr in the year-ago period, mainly on the account of reduction in overall expenses.

Its operating revenue jumped 55% to INR 92.16 Cr in the reported quarter, compared to INR 59.47 Cr in the corresponding period last year.