Major Investors Including Accel, Tiger Global, Flipkart, and IFC Plan to Sell Stakes in Upcoming IPO
In Short:
- IPO Details: Blackbuck files for a Rs 550 crore IPO
- Investors Selling Stakes: Accel, Tiger Global, Flipkart, and IFC among major sellers
- Financials: Revenue up 69% in FY24, net loss reduced by 33%
- Use of Proceeds: Marketing, NBFC investment, product development, and corporate purposes
Logistics unicorn Blackbuck is gearing up for an IPO, aiming to raise Rs 550 crore through a fresh issue of shares. The company has filed a draft red herring prospectus (DRHP) with the market regulator. Additionally, existing investors and founders will sell a combined 2.16 crore shares in the offering.
Among the key investors, Accel will sell over 52 lakh shares, Tiger Global nearly 9 lakh shares, Flipkart close to 4 lakh shares, and IFC more than 17 lakh shares. Founders Rajesh Yabaji, Chanakya Hridaya, and Ramasubramanian Balasubramaniam will also be parting with some of their holdings, selling 22 lakh, 11 lakh, and 11 lakh shares respectively.
Financially, Blackbuck has shown significant growth. The company’s revenue from operations surged by 69%, rising from Rs 176 crore in FY23 to Rs 297 crore in FY24. At the same time, the net loss was reduced from Rs 290 crore in FY23 to Rs 194 crore in FY24.
The funds raised from the IPO will be allocated to several key areas. Blackbuck plans to invest in marketing efforts, bolster its NBFC arm, focus on product development, and cover general corporate expenses. This strategic use of proceeds is aimed at further strengthening the company’s market position and driving future growth.