Flipkart-backed Zinka files for Rs 550 crore IPO

BENGALURU: Bengaluru-based Zinka Logistics Solutions, backed by Flipkart and Accel, has filed its draft red herring prospectus (DRHP) with the SEBI to mop up funds through an initial public offering (IPO).

With a face value of Rs 1 per share, the IPO is a mix of fresh issuance of Rs 550 crore and an offer for sale of up to 21.61 million equity shares by promoters and Investor Selling Shareholders.

The proceeds from its fresh issuance, about Rs 200 crore will be utilised for funding towards sales and marketing costs, Rs 140 crore for investment in Blackbuck Finserve for financing the augmentation of its capital base to meet its future capital requirements, and Rs 75 crore for funding of expenditure in relation to product development and other corporate purposes.