BlackBuck Files for IPO, to Raise ₹550cr

Accel and Flipkart-backed truck aggregator BlackBuck has filed the draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) to raise ₹550 crore through a fresh issue of shares.

The public issue includes an offer for sale (OFS) of 21.6 million shares by existing shareholders.

The firm’s cofounders and promoters Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam will sell 2.2 million shares, 1.1 million shares and 1.1 million shares, respectively, in the OFS. Investors such as Accel, Tiger Global and Peak XV Partners will also part sell stake in the proposed IPO.

Accel, the largest shareholder in the firm with a 14% stake, will sell 4.3 million shares and 923,282 shares through its two units in the OFS. Singapore based Quickroutes International will sell 3.9 million shares, while World Bank backed International Finance Corporation will sell 1.7 million shares and 628,315 shares through two entities.

S-ET Image Source: Google

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