Zinka Logistics IPO: A Rocky Market Debut

Zinka Logistics Solutions Ltd, a digital platform for truck operators in India, had a bumpy market debut with its shares ending nearly 5% below the issue price. Despite initial gains, the stock closed at Rs 260.20 on BSE. Proceeds from the IPO will fund sales, marketing, and product development.

Zinka Logistics Solutions Ltd, a digital platform aiming to digitally empower India's truck operators, witnessed a turbulent trade on its market debut. The company's shares fell nearly 5% from their issue price of Rs 273, closing at Rs 260.20 on the BSE, despite opening gains.

Listing initially at Rs 279.05, the stock surged to a high of Rs 285.80 during the day before plummeting to Rs 255.25. On the NSE, shares closed at Rs 260 after opening at Rs 280.90. The firm's market valuation stood at Rs 4,591.98 crore.

The IPO, which saw a subscription rate of 1.86 times on its last bidding day, used proceeds for various initiatives. Rs 200 crore is earmarked for sales and marketing, along with investments in Blackbuck Finserve and product development.

(With inputs from agencies.)