Zinka Logistics shares made a modest stock market debut on the National Stock Exchange (NSE) at a premium of about 3 percent on November 22.
BlackBuck shares were listed at Rs 280.90 per share on the NSE, a premium of 2.89 percent.
Shares of the company were listed at Rs 279.05 apiece on the BSE, a premium of 2.2 percent.
The stock made its market debut at a price slightly above the expectations indicated by the grey market, which had anticipated a near-flat listing.
The initial share sale of Zinka Logistics, a leading digital platform for truck operators, received a decent subscription of 1.87 times.
Sagar Shetty, Research Analyst at StoxBox however believes that given the company’s strong market presence and industry tailwinds, it provides a good medium- to long-term opportunity for the investors. "The muted opening could also be attributed to the company’s high valuation concern," he added.
BlackBuck IPO allottees may see tepid listing gains on Nov 22; analysts advise 'hold for long term'
On the economic front, the trucking industry is highly fragmented, with approximately 12.5 million trucks and 3.5 million truck operators in Fiscal 2024 traversing Indian roads; the total freight value through trucks has witnessed a steady growth rate of 8 to 9 percent CAGR over the past four years.
Zinka Logistics, through its Blackbuck platform has established itself as India’s largest digital platform for truck operators, facilitating 413.34 million transactions and capturing 27.52 percent of the truck operator market as of FY24. It addresses core needs of truck operators such as tolling, fueling, fleet tracking, and load matching.
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