Blackbuck, an online trucking platform, has submitted its draft red herring prospectus (DRHP) for an initial public offering (IPO) to the Securities Exchange Board of India (SEBI).
The company plans to raise money by issuing new equity shares up to Rs 550 crore in total and by offering up to 2,16,09,022 equity shares for sale (OFS).
Accel Partners intends to sell 52,32,632 equity shares, or 24.2% of the total OFS. 3,973,898 equity shares will be sold by Quickroutes International, 3,973,898 by International Finance Corporation, and 1,711,962 by Tiger Global.
The company will soon determine the price band and minimum lot band after consulting with the book-running lead managers. The fresh issue and OFS will be allocated at a face value of Re 1.
The DRHP states that Accel India, with a 17.07% stake, is the company’s largest shareholder, followed by Quickroutes International, with a 12.97% share.
Tiger Global owns 2.80%, Peak XV has 2.11%, and Tribe Capital has 2.80%. 32% of the holdings are jointly owned by Blackbuck founders Chanakya Hridaya, Rajesh Kumar, and Ramasubramanian Balasubramaniam.
The issue’s lead book runners are Axis Capital, IIFL Securities, Morgan Stanley, and JM Financial.
Founded in 2015, Blackbuck offers telematics, payments, vehicle financing, and load marketplace services to enable truck operators to run their businesses effectively. The business states that it transacts with 9,63,345 truck operators annually.
Blackbuck, the Flipkart-backed company, has raised over $350 million to date, including its $67 million Series E round led by Tribe Capital, IFC Emerging Asia Fund, and VEF, which allowed it to join the exclusive unicorn club.
Blackbuck’s operating revenue increased by 68.8% to Rs 297 crore in FY24, as per the financial statements displayed in DRHP. The Bengaluru-based company’s losses did, however, decrease 33% to Rs 194 crore in FY24 from Rs 290 crore in FY23.
For the past two fiscal years, Blackbuck appears to have altered how revenue is recognized. It previously disclosed revenue of Rs 833 crore in FY22 and Rs 704 crore in FY23.
Blackbuck is expected to list on a stock exchange, making it the second logistics startup to do so. The first company in the sector to enter the market was Delhivery, which was backed by SoftBank, in May 2022. Right issue raised $172 million for E-comm Express, which has postponed its initial public offering (IPO) plan.
