Logistics unicorn Blackbuck plans to go public, files its Draft Red Herring Prospectus (DRHP) with India's market regulator, SEBI, according to media reports.
The company, known for its truck aggregator platform, plans to raise Rs 550 crore through a mix of fresh issue and offer for sale (OFS) by existing shareholders, which include major investors like Accel, IFC, and Tiger Global.
According to media reports, Accel, holding about 17 per cent stake, intends to sell over 5 million shares, while Blackbuck's co-founders are set to collectively sell 3.9 million shares. The IPO proceeds are earmarked primarily for sales and marketing expenses (Rs 200 crore) and capital base augmentation for Blackbuck Finserve (Rs 140 crore). The remaining funds will be allocated towards product development and general corporate purposes.
Blackbuck's move follows a trend of Indian unicorns entering the public markets in 2024, including names like Swiggy, Unicommerce, and Ola Electric, reflecting the burgeoning startup IPO landscape this year.
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