IPO Centre     18-Sep-23
IPO News
Zaggle Prepaid Ocean Services IPO subscribed 12.57 times
The offer received bids for 24.28 crore shares as against 1.93 crore shares on offer.
The initial public offer (IPO) of Zaggle Prepaid Ocean Services received bids for 24,28,83,000 shares as against 1,93,26,761 shares on offer, according to stock exchange data at 17:30 IST on Monday (18 September 2023). The issue was subscribed 12.57 times.

The issue opened for bidding on Thursday (14 September 2023) and it will close on Monday (18 September 2023). The price band of the IPO is fixed at Rs 156-164 per share. An investor can bid for a minimum of 90 equity shares and in multiples thereof.

The IPO comprises consists of a fresh issue of Rs 392 crore and an offer for sale of up to 1,04,49,816 shares by its existing promoters and shareholders.

Out of the proceeds from the fresh issue, Rs 300 crore will be used on expenditure towards customer acquisition and retention, Rs 40 crore on expenditure towards the development of technology and products and Rs 17.08 crore will be used pare down, in full or in part, debt availed by the firm.

Ahead of the IPO, Zaggle Prepaid Ocean Services on Wednesday, 13 September 2023 raised Rs 253.51 crore from anchor investors. The board allotted 1.54 crore shares at Rs 164 each to 23 anchor investors.

Zaggle Prepaid Ocean Services provides financial technology (fintech) products and services along with prepaid cards and has built a portfolio of software as a service (SaaS), including tax and payroll software, and a broad touchpoint reach.

The company offers fintech and SaaS products and services to corporates working in the fields of banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automobile industries. The SaaS platform is designed for business spend management (including expense management and vendor management); rewards and incentives management for employees and channel partners and gift card management for merchants, which we refer to as customer engagement management system (CEMS).

The company reported a consolidated net profit of Rs 22.90 crore and net sales of Rs 553.46 crore for the twelve months ended on 31 March 2023.

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