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Trucking unicorn BlackBuck files DRHP with SEBI to raise Rs 550 crore from IPO

IndianStartupNewsIndianStartupNews · 2m
Trucking unicorn BlackBuck files DRHP with SEBI to raise Rs 550 crore from IPO

Bengaluru-based trucking unicorn BlackBuck has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The startup aims to raise Rs 550 crore through a fresh share issue, with existing shareholders also participating in the offer for sale (OFS). Key shareholders, including co-founders and major investors such as Accel and Tiger Global, will be divesting their stakes. The funds raised will be used for sales and marketing, investment in the subsidiary BlackBuck Finserve, and product development. BlackBuck, which provides services to the trucking industry, reported increased operating revenue but also a loss for the fiscal year 2023-24. Axis Capital, Morgan Stanley, JM Financial, and IIFL Securities have been appointed as the book-running lead managers for the IPO.

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