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Blackbuck, a leading logistics technology platform in India, witnessed a subscription rate of 24% on the first day of its initial public offering (IPO). The IPO opened for subscription on October 27, 2023, and is expected to close on October 30, 2023. The company is aiming to raise Rs 580 crore through the IPO, which includes a fresh issue of Rs 250 crore and an offer for sale (OFS) of Rs 330 crore by existing shareholders.
The IPO received strong interest from institutional investors, with the Qualified Institutional Buyer (QIB) portion being subscribed 2.13 times. The retail investor portion received a subscription rate of 10%, while the Non-Institutional Investor (NII) portion was subscribed 5%. The company's IPO price band has been set at Rs 540-550 per share.
Blackbuck is a technology-driven platform that connects truck owners with shippers, streamlining the logistics process and making it more efficient. The company has a wide network of truck owners and shippers, and its platform offers a range of services, including freight booking, tracking, and payment. The company's strong growth trajectory and its position as a leading player in the Indian logistics market have made it an attractive investment opportunity for investors.