Flipkart-backed online trucking platform, Blackbuck, has filed for a ₹550 crore initial public offering (IPO) with the Securities and Exchange Board of India (SEBI).
Offer for Sale (OFS)
The IPO includes an offer for sale (OFS) of 21.6 million shares by existing shareholders. The company’s co-founders, Rajesh Yabaji, Chanakya Hridaya, and Ramasubramanian B., will sell 2.2 million, 1.1 million, and 1.1 million shares, respectively. They collectively hold a 32% stake in Blackbuck.
Key Shareholders
Other investors, such as Accel Partners, Quickroutes International, Tiger Global, and Peak XV Partners, will also sell their shares. Accel Partners will sell 5,232,632 shares (24.2% of the OFS), Quickroutes International will offload 3,973,898 shares, International Finance Corporation will sell 3,973,898 shares, and Tiger Global will sell 1,711,962 shares.
Accel holds the largest share with 17.07%, followed by Quickroutes International with 12.97%, Tiger Global with 2.91%, Peak XV with 2.11%, and Tribe Capital with 2.80%.
IPO Details
The fresh issue and the OFS will be issued at a face value of ₹1 per share. The book-running lead managers for the IPO are Axis Capital, IIFL Securities, Morgan Stanley, and JM Financial.
Use of Proceeds
The funds raised from the IPO will be used to support the capital needs of Blackbuck’s non-banking financial company, Blackbuck Finserv.
Company Overview
Blackbuck is a digital platform for truck operators, providing services like payment management for tolls and fuel, driver and fleet monitoring using telematics, load matching through its marketplace, and financing for purchasing used vehicles.
In the financial year 2023-24, Blackbuck’s revenue from operations increased by 68.8% to ₹297 crore, while its losses decreased by 33% to ₹194 crore.
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