Zaggle IPO Subscribed 19% on Day 1

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The maiden public issue of business spend management platform Zaggle Prepaid Ocean Services was subscribed 19% on the first day of bidding on September 14. The company has received bids for 36.87 lakh equity shares against an offer size of 1.93 crore shares.

The IPO has a fresh issue component of Rs 392 crore and an offer-for-sale (OFS) portion of 1.04 crore shares worth Rs 171.38 crore at the upper price band.

Retail investors have subscribed 87% of their portion, while HNIs (non-institutional investors) have subscribed 11%. QIBs are yet to show their interest in the IPO.

The price band for the offer is Rs 156-164 per share. The IPO closes on September 18.

Zaggle, which offers fintech and SaaS products & services to corporates in banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automobile industries, has already mobilised Rs 253.52 crore by issuing 1.54 crore equity shares to 23 anchor investors on September 13.

The company will use the net proceeds from the IPO to acquire and retain customers, develop technology and products, and repay debts.

Zaggle reported consolidated net profit of Rs 22.9 crore on revenue of Rs 553.46 crore for the financial year ended March 2023.


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