BlackBuck IPO: Startup Raises INR 501 Cr From Anchor Investors

BlackBuck IPO: Issue Subscribed 28% On Day 2 So Far

SUMMARY

Logistics unicorn BlackBuck raised INR 501.33 Cr from anchor investors, who subscribed to 1.83 Cr equity shares at INR 273 apiece

Nomura poured in the highest amount of INR 67.87 Cr in the anchor round, bagging 24.86 Lakh equity shares of the logistics major

Overall, three domestic mutual funds were allocated 61.39 Lakh shares for INR 167.60 Cr

A day before its initial public offering (IPO) opens for subscription, logistics unicorn BlackBuck raised INR 501.33 Cr from anchor investors, who subscribed to 1.83 Cr equity shares at INR 273 apiece.

Global financial services group Nomura poured in the highest amount of INR 67.87 Cr in the anchor round, bagging 24.86 Lakh equity shares of the logistics major. Invesco secured the second largest 18.26 Lakh equity shares for INR 49.86 Cr.

SBI invested INR 67.88 Cr in the round through its two funds, SBI Innovative Opportunities and SBI Technology Opportunities Fund, securing 24.91 Lakh equity shares.

Other anchor investors included Ashoka, Steadview, Hornbill Orchid and Bandhan Bank.

Overall, three domestic mutual funds were allocated 61.39 Lakh shares for INR 167.60 Cr.

BlackBuck is looking to raise INR 1,114.72 Cr from its IPO, which will close on November 18.

The public issue comprises a fresh issue of equity shares worth INR 550 Cr and an offer for sale of up to 2.06 Cr shares. The company has set a price band of INR 259 to INR 273 per equity share for the IPO.

It is pertinent to mention that the company trimmed its valuation ahead of the IPO. 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.

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

It posted a net profit of INR 28.67 Cr in the first quarter of the financial year 2024-25 (FY25) on an operating revenue of INR 92.16 Cr.

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