Flipkart-backed logistics company BlackBuck is planning to go public. The company filed its draft red herring prospectus (DRHP) with SEBI, the Indian market regulator.
Logistics startup BlackBuck, backed by Flipkart, has filed its draft IPO papers with SEBI. The company aims to raise $300 million through a mix of new share issuance and existing shareholder stake sales.
BlackBuck’s IPO will include issuing new shares worth INR 550 crore and selling existing shares through an offer for sale (OFS). In the OFS, a total of 2.16 crore shares will be offered, with BlackBuck’s co-founders selling a portion of their holdings. Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam will collectively sell 44.37 lakh shares. Individually, Yabaji will sell 22.18 lakh shares and the other two co-founders will each sell 11.09 lakh shares.
Blackbuck, founded nine years ago, offers logistics solutions for businesses, including long-haul trucking and intercity services. They cater to a large clientele, encompassing major corporations, medium-sized businesses, and even small and medium enterprises (MSMEs).
Accel is BlackBuck’s biggest investor with an 18.58% stake, followed by the co-founders who collectively hold 26.82%. This IPO filing comes despite BlackBuck experiencing declining revenue for the past three years.
BlackBuck’s IPO plans follow a busy year for tech listings in India. Companies like TBO Tech, Digit Insurance, and Awfis have already debuted on the stock exchanges, with Ixigo and Ola Electric expected to follow suit later in 2024.
