IPO · Mobility & Logistics

Blackbuck files DRHP for ₹550 crore IPO

What they do

Blackbuck is an online platform that connects truck operators with shippers and offers payments, telematics, and financing

It filed a DRHP with SEBI for an IPO comprising a fresh issue of ₹550 crore and an OFS of 2.16 crore shares

The IPO will be the second logistics startup listing after Delhivery, with Accel as the largest selling shareholder

Blackbuck has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
The IPO includes a fresh issue of equity shares worth up to ₹550 crore.
It also includes an offer for sale (OFS) of up to 2,16,09,022 equity shares by existing shareholders.
In the OFS, Accel will sell 52,32,632 shares (24.2% of the OFS), Quickroutes International will sell 3,973,898 shares, IFC will sell 3,973,898 shares, and Tiger Global will sell 1,711,962 shares.
The face value of each share is Re 1.
The book-running lead managers are Axis Capital, IIFL Securities, Morgan Stanley, and JM Financial.
This will be the second logistics startup to list on Indian stock exchanges after Delhivery (listed in May 2022).

Blackbuck entered the unicorn club after its Series E round of $67 million.
The company's FY24 revenue from operations was ₹297 crore, up 68.8% from the previous year.
Its FY24 loss narrowed to ₹194 crore, down 33% from ₹290 crore in FY23.
E-comm Express, another logistics startup, put its IPO on hold and raised $172 million via a rights issue instead.

Blackbuck is an online trucking platform founded in 2015.
It provides services including payments, telematics, a loads marketplace, and vehicle financing for truck operators.
The platform has 9,63,345 annual transactions from truck operators.
Its website tagline is 'India's largest digital trucking platform'.
The company has raised over $350 million to date.

Accel (seller) — Largest shareholder with 17.07% stake; selling 52,32,632 shares in OFS.
Quickroutes International (seller) — Holds 12.97% stake; selling 3,973,898 shares in OFS.
IFC (seller) — Selling 3,973,898 shares in OFS.
Tiger Global (seller) — Holds 2.91% stake; selling 1,711,962 shares in OFS.
Peak XV (existing) — Holds 2.11% stake.
Tribe Capital (existing) — Holds 2.80% stake.