Mumbai23 minutes ago
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The listing ceremony of Jinka Logistics Solutions took place on the National Stock Exchange.
Shares of Jinka Logistics Solutions Ltd listed at Rs 280.90 today (November 22) on the National Stock Exchange (NSE), up 2.89% from the issue price. At the same time, the share was listed at 279.05 on Bombay Stock Exchange (BSE), 2.22% above the issue price. The issue price of Jinka Logistics Solutions' IPO was ₹273 per share.
This IPO was open for bidding from 13 November to 18 November. This IPO was subscribed a total of 1.87 times. It was subscribed 1.70 times in the retail category, 2.72 times in the Qualified Institutional Buyers (QIB) and 0.24 times in the Non-Institutional Investors (NII) category.
The issue of Jinka Logistics Solutions was worth ₹1,114.72 crore. This issue total of Jinka Logistics Solutions was ₹1,114.72 crore. For this, the company issued 20,146,520 fresh shares worth ₹550 crore. Whereas, the existing investors of the company sold 20,685,800 shares worth ₹564.72 crore through Offer for Sale i.e. OFS.
Retail investors could bid for maximum 756 shares Jinka Logistics Solutions Limited had set the price band for its public issue at Rs 259-273 per share. Retail investors could bid for a minimum of one lot i.e. 54 shares. If you had applied for one lot at the upper price band of IPO at Rs 273, you would have had to invest Rs 14,742.
At the same time, retail investors could apply for a maximum of 14 lots i.e. 756 shares. For this, investors would have to invest Rs 206,388 as per the upper price band.
10% share was reserved for retail investors 75% of the IPO was reserved for qualified institutional buyers, 10% for retail investors and 15% for non-institutional investors. Axis Capital Limited, Morgan Stanley India Company Private Limited, JM Financial Limited and IIFL Securities Limited were the book running lead managers for the IPO. Kfin Technologies Limited was the registrar to the issue.
The IPO proceeds will be used to fund sales and marketing costs, invest in NBFC subsidiary Blackbug Finserv Pvt Ltd, fund product development expenses and for general corporate purposes.
Jinka Logistics is the country's largest digital platform for truck operators Jinka Logistics is India's largest digital platform for truck operators. The company was started in 2015. Zinka's platform provides tailored solutions for digital payments, fleet management, load matching and vehicle financing. Its market share in the tolling segment is 32.92%. The company is also known as Blackbug. The promoters of the company are Rajesh Kumar Naidu Yabaji, Chanakya Hriday and Ramasubramanian Balasubramaniam.
