Introduction:
Blackbuck, a prominent logistics and supply chain solutions company, has taken a significant step towards going public by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company aims to raise ₹550 crore through an initial public offering (IPO), marking a crucial milestone in its growth journey.
Content:
Blackbucks, a leading logistics and supply chain solutions company, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth ₹550 crore. The company plans to use the funds raised for various purposes, including sales and marketing, product development, and investment in its non-bank financial company (NBFC) subsidiary, Blackbucks Fin serve.
The IPO includes a fresh issue of shares worth ₹550 crore and an offer for sale (OFS) of 21.6 million shares by existing shareholders. Blackbuck's co-founders and promoters will sell a significant portion of their shares in the OFS, along with other investors such as Accel Partners, Quick routes International, Tiger Global, and Peak XV Partners.
Blackbuck has reported impressive growth in its operating revenue, which stood at ₹296 crore for the fiscal year 2023-24, up from ₹175 crore in the previous year. However, the company reported a loss of ₹166 crore from continuing operations for the fiscal year 2023-24, compared to a loss of ₹236 crore in the previous year.
The company's platform has also seen significant traction, with over 963,345 truck operators and 597,638 monthly transacting truck operators on its platform as of March 31, 2024. Blackbuck's logistics platform connects truckers, shippers, and fleet owners, providing a range of services including truck booking, freight management, and supply chain solutions.
The IPO is a significant milestone for Blackbuck, which has established itself as a leading player in the logistics and supply chain industry. The company's growth plans and investment in its NBFC subsidiary are expected to further strengthen its position in the market.
Overall, Blackbuck's IPO is a significant development in the Indian startup ecosystem, and the company's growth plans and financial performance will be closely watched by investors and industry observers alike.
Summary:
Blackbuck's IPO comprises a fresh issue of shares worth ₹550 crore and an offer for sale (OFS) of 21.6 million shares by existing shareholders. The company plans to utilize the funds for sales and marketing, product development, and investment in its NBFC subsidiary. With impressive growth in operating revenue and a significant presence in the logistics industry, Blackbuck's IPO is eagerly anticipated by investors and industry observers alike.
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