BlackBuck IPO: Issue Subscribed 53% On Final Day So Far

A muted demand for the logistics unicorn BlackBuck’s initial public offering (IPO) continued to prevail during the initial hours of trade today (November 18). 

As of 1:48 PM, BlackBuck’s public offer saw a 53% subscription, with investors cumulatively bidding for 1.20 Cr shares as against the 2.24 Cr shares on offer.

As per BSE data, the IPO saw a maximum interest from the company’s employees. Shares reserved for the employees received bids for 2.18 Lakh shares as against the 26,000 reserved for them, resulting in an oversubscription of 8.40X. 

Besides employees, the company’s IPO saw a bearish sentiment from the remainder of investors across categories. Retail investors (RIIs) bid for 56.53 Lakh shares against the 41.89 Lakh shares on offer for them. This resulted in a 1.35X oversubscription.

Response from qualified institutional buyers (QIBs) to the IPO continued to remain underwhelming on Day 3. The QIBs have been allotted 1.20 Cr shares, but the portion received bids for only 54.43 Lakh shares. This translates to a subscription of 45%. 

Similar to QIBs, non-institutional investors (NIIs) interest in the public issue also remained underwhelming on the final day of the IPO. NIIs bid for 7.00 Lakh shares against the 62.84 Lakh shares reserved for them, resulting in a subscription of 11%.

The company’s IPO is scheduled to close by the end of the trading session today. 

(The story will be updated soon.)

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