Zinka Logistics Solution Limited closes its maiden offer for the public on November 18, 2024. The issue worth Rs 1,114.72 crore opened for subscription on November 13, 2024.
The initial public offering (IPO) was priced in the range of Rs 259 to Rs 273 per equity share. The minimum lot size for the offer included 54 shares.
After two days of public bidding, the listing received 0.32 times subscriptions, showing the lukewarm response from investors. The retail portion of the issue was subscribed 0.90 times, while the portion set aside for Non-institutional investors (NII) received 0.04 subscriptions. Meanwhile, qualified institutional buyers (QIBs) booked the maiden offering 0.26 times.
GMP
In the grey market, the IPO was trading at par. Stock market experts noted that the shares of Zinka Logistics Solution were trading at neither premium nor discount in the grey market, reported Livemint.
This indicated that investors didn’t have enough confidence in the company’s listing and weak global cues impacted the sentiments in the market.
A grey market is an unofficial market that runs parallel to the stock market. It allows investors and traders an avenue to place their bids or trades before an issue makes its official debut on the stock exchanges. The grey market premium (GMP) is an indicator of investors' sentiments towards a listing.
A premium in the grey market means the investors expect the issue to make a strong debut in the stock market, while a discount indicates a muted opening expected from the maiden listing.
Also Read : Layoffs: Lufthansa Airlines Planning To Reduce 20 Per Cent Jobs In Administration, Says Report
The company is the operator of BlackBuck, which is one of the largest digital platform for truck operators in the country. The firm clocked a total income of Rs 316.51 crore in 2023-24 fiscal year (FY24), while its net loss touched Rs 166.99 crore in the period. Meanwhile, in the preceding 2022-23 fiscal year (FY23), the firm logged an overall income of Rs 195.09 crore and a net loss of Rs 236.85 crore.
[Disclaimer: Investing in the stock market involves financial risks. Please invest responsibly and only after thorough research and careful consideration. Reader discretion is advised.]