Blackbuck files DRHP with the SEBI for IPO & aims to raise 
550 crore Fund
The draft red herring prospectus (DRHP) for an IPO for online trucking platform Blackbuck has been submitted to the SEBI - Security Exchange Board of India. The firm has proposed to raise finances through a new issue of value shares collecting up to 
550 crore and a proposal available to be purchased (OFS) of up to 2,16,09,022 value shares. In this, 52,32,632 equity shares, or 24.2% of the total OFS, will be sold by Accel Partners.
550 crore and a proposal available to be purchased (OFS) of up to 2,16,09,022 value shares. In this, 52,32,632 equity shares, or 24.2% of the total OFS, will be sold by Accel Partners.
Quickroutes International will offload 3,973,898 value shares followed by International Finance Corporation and Tiger Global at 3,973,898 and 1,711,962 offers, individually. The new issue and OFS will be distributed at a face value of 1 Re, and the company will soon decide the price band and minimum lot band in conjunction with the book-running lead managers.
The DRHP states that Quickroutes International has a 12.97% stake, followed by Accel India, which controls the largest holding in the company with a stake of 17.07%. Tiger Global, Peak XV, and Tribe Capital each hold 2.80% of the stock. Chanakya Hridaya, Rajesh Kumar, and Ramasubramanian Balasubramaniam, the three founders of Blackbuck, control 32% of the company’s assets.
The issue’s book-running lead managers are Morgan Stanley, JM Financial, Axis Capital, and IIFL Securities.
Blackbuck is a payment, telematics, loads marketplace, and vehicle financing company that was established in 2015 to help truck drivers run their businesses effectively.
The company claims to conduct 9,63,345 truck operator transactions annually. Blackbuck has raised funds more than $350 million to date including its $67 million Series E round directed by Tribe Capital, IFC Emerging Asia Fund, and VEF when the Flipkart-upheld firm went into the sought after unicorn club.
