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The unicorn in logistics, BlackBuck received INR 501.33 Cr from anchor investors the day before its initial public offering (IPO) opened for subscription. These investors purchased 1.83 Cr equity shares at INR 273 each.
With the largest investment of INR 67.87 Cr in the anchor round, global financial services group Nomura acquired 24.86 lakh equity shares of the logistics giant. Invesco paid INR 49.86 Cr for the second-largest 18.26 Lakh equity shares.
SBI obtained 24.91 lakh equity shares by investing INR 67.88 Cr in the round through its two funds, SBI Innovative Opportunities and SBI Technology Opportunities Fund.
Ashoka, Steadview, Hornbill Orchid, and Bandhan Bank were among the other anchor investors.
In total, 61.39 lakh shares of three domestic mutual funds totaling INR 167.60 Cr were allotted.
With its November 18 IPO closing, BlackBuck hopes to raise INR 1,114.72 Cr.
The public offering includes an offer to sell up to 2.06 Cr worth of shares and a new issue of equity shares valued at INR 550 Cr. For the IPO, the company has established the price range of INR 259 to INR 273 per equity share.
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It is important to note that the business reduced its valuation before to the first public offering. About INR 4,817 Cr will be BlackBuck's valuation at the top end of the pricing range. From its most recent private value, when it joined the exclusive unicorn club, this represents a reduction of almost 35%.
Founded in 2015 by Rajesh Kumar Naidu Yabaji, Chanakya Hridaya, and Ramasubramanian Balasubramaniam, BlackBuck is an online business-to-business marketplace that facilitates the transportation of full truck loads (FTL) between cities.
Truck operators around the nation can access the platform's payment choices, load marketplace, and vehicle financing services. The company claims to have a 27% market share among all truck operators, making it the leading online trucking platform in India.
On an operational revenue of INR 92.16 Cr, it reported a net profit of INR 28.67 Cr in the first quarter of the fiscal year 2024–25 (FY25).
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