IPO Centre     20-Sep-23
IPO News
Zaggle Prepaid Ocean Services IPO ends with good subscription
The offer received bids for 24.28 crore shares as against 1.93 crore shares on offer.
The Qualified Institutional Buyers (QIBs) category was subscribed 16.73 times. The Non Institutional Investors (NIIs) category was subscribed 8.85 times. The Retail Individual Investors (RIIs) category was subscribed 5.94 times.

The initial public offer (IPO) of Zaggle Prepaid Ocean Services received bids for 24,28,83,090 shares as against 1,93,26,761 shares on offer. The issue was subscribed 12.57 times.

The issue opened for bidding on 14 September 2023 and it closed on 18 September 2023. The price band of the IPO was fixed at Rs 156-164 per share.

The IPO consisted 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.

Previous News
  Zaggle Prepaid Ocean Services IPO subscribed 12.57 times
 ( IPO Centre - IPO News 18-Sep-23   17:36 )
  Zaggle Prepaid Ocean Services IPO ends with good subscription
 ( IPO Centre - IPO News 20-Sep-23   12:54 )
  Zaggle Prepaid Ocean Services to hold board meeting
 ( Corporate News - 10-May-24   16:12 )
  Zaggle bags contract from Benetton India
 ( Corporate News - 24-Feb-24   10:48 )
  Zaggle Prepaid Ocean Services to convene board meeting
 ( Corporate News - 02-Nov-23   11:32 )
  Zaggle Prepaid Ocean Services IPO subscribed 43%
 ( IPO Centre - IPO News 15-Sep-23   17:14 )
  Zaggle Prepaid inks customer service agreement with Benetton India
 ( Hot Pursuit - 24-Feb-24   11:12 )
  Zaggle partners with Riya Travel & Tour
 ( Corporate News - 27-Mar-24   17:27 )
  Zaggle Prepaid Ocean Services standalone net profit rises 0.53% in the September 2023 quarter
 ( Results - Announcements 08-Nov-23   07:42 )
  Zaggle Prepaid climbs on inking pact with Riya Travel & Tours
 ( Hot Pursuit - 27-Mar-24   14:56 )
  Zaggle Prepaid Ocean Services IPO subscribed 19%
 ( IPO Centre - IPO News 14-Sep-23   17:13 )
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