Flipkart-backed truck aggregator Blackbuck files for IPO, to raise ₹550 crore
Blackbuck IPO: The public issue of the online trucking platform includes an offer for sale (OFS) of 21.6 million shares by existing shareholders.
Flipkart-backed Blackbuck filed draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for a ₹550-crore initial public offering (IPO). The public issue of the online trucking platform includes an offer for sale (OFS) of 21.6 million shares by existing shareholders.
Read more: Paytm share price rises 10%, up 18% this month: Top reasons why
In the IPO, through OFS the company's co-founders Rajesh Yabaji, Chanakya Hridaya and Ramasubramanian B. will sell 2.2 million, 1.1 million and 1.1 million shares respectively. They hold a 32% stake in the firm.
Read more: Blackstone in talks for Haldiram's stake: ‘Lot of back and forth over valuation’
The company’s investors include Accel Partners, Quickroutes International, Tiger Global and Peak XV Partners. In the IPO, they will also sell their shares.
Read more: Jobs, rural India likely to be focus of union budget 2024: Goldman Sachs
The DRHP showed Accel Partners will divest 24.2% of the total OFS -5,232,632 equity shares, Quickroutes International will offload 3,973,898 equity shares, International Finance Corporation and Tiger Global will sell 3,973,898 and 1,711,962 shares, respectively.
