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Zinka Logistics made a modest debut on the National Stock Exchange (NSE) on November 22, listing at a 3% premium over its IPO price. BlackBuck shares opened at Rs 280.90 on the NSE, reflecting a 2.89% premium, while they were listed at Rs 279.05 on the BSE, a 2.2% premium. The listing price exceeded grey market expectations, which had predicted a near-flat opening.
BlackBuck IPO allottees are expected to experience modest listing gains on November 22, as market sentiments remain weak. Meanwhile, Zinka Logistics' IPO saw a decent subscription of 1.87 times, but the current grey market premium suggests a flat listing. Analysts recommend holding Zinka for the long term, citing its strong market presence despite high valuation concerns. The trucking industry in India, characterized by fragmentation, has shown steady growth, with a CAGR of 8-9% over the past four years.
Zinka Logistics Solutions Ltd's IPO has seen a muted response, with only 32% subscription in its first two days. The Rs 1,115-crore offer, priced between Rs 259-273, aims to digitally empower truck operators through its BlackBuck app, which offers various logistical solutions. Shares are trading flat in the grey market amid broader market weakness.
Zinka Logistics Solutions' IPO saw a muted response, with only 32% subscription on the second day of bidding amid a 2.5% drop in benchmark indices. Retail investors led the participation, subscribing to 90% of their reserved shares, while the overall offer aimed to raise Rs 1,114.72 crore. The IPO includes fresh equity issuance and an offer-for-sale from notable shareholders.
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