Zinka Logistics IPO Subscribed 39% So Far On Day Three— Check GMP

Zinka Logistics IPO triggers muted response from investors, subscribed 39% on Day 3

In what could be seen as a muted response from investors, the initial public offering (IPO) of Zinka Logistics has been subscribed 39% so far on the third day of the issue opening. The IPO, which opened for subscription on Wednesday, has received bids for 9.45 crore shares against the total issue size of 24.22 crore shares. Zinka Logistics, which provides end-to-end logistics solutions, is looking to raise Rs 450 crore through the IPO. The company plans to utilise the proceeds from the issue to repay or prepay certain borrowings, fund organic and inorganic growth initiatives, and for general corporate purposes.

Here is what brokerages have to say on Zinka Logistics IPO:

- **ICICI Direct:** "At the upper price band of Rs 186, the stock is available at a P/E of 12.3x on FY24E basis, which is attractive considering its track record, capabilities and future growth outlook in the logistics sector. We recommend 'Subscribe' to the issue." - **Choice Broking:** "Zinka Logistics, with its pan-India presence, technological capabilities and focus on value-added services, is well-positioned to capitalise on the growth opportunities in the logistics sector. We recommend 'Subscribe' to the issue." - **Anand Rathi:** "The company has witnessed a good operational performance in recent years and has a strong balance sheet. We recommend 'Subscribe' to the issue."