Zaggle Prepaid Ocean Services IPO subscribed 12.57 times on final day

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Zaggle Prepaid Ocean Services, a business spend management software and services provider, has received a decent response from investors on the final day of its maiden public issue, with the issue being subscribed 12.57 times.

The qualified institutional buyers (QIBs) portion was subscribed 16.73 times, the non-institutional investors (NIIs) portion was subscribed 8.85 times, and the retail investors portion was subscribed 5.94 times.

The company raised Rs 563.38 crore via the IPO, at the upper end of the price band of Rs 156-164 per share. The offer comprised a fresh issue component of Rs 392 crore worth of shares and an offer-for-sale (OFS) portion of 1.04 crore shares worth Rs 171.38 crore by eight selling shareholders including promoters Raj P Narayanam and Avinash Ramesh Godkhindi.

The company will use the fresh issue money for customer acquisition and retention, and the development of technology and products, as well as to repay its debt.

Zaggle is a prominent player in the business-to-business-to-customer (B2B2C) segment, specializing in delivering fintech products, including prepaid cards and software-as-a-service (SaaS) solutions, to corporate clients across various sectors.

The company’s revenue from operations grew at a CAGR of 52 percent during FY21–23, and the adjusted PAT increased at a CAGR of 38 percent during the same period due to an increase of 151 percent in the user base. For FY23, it has recorded a consolidated net profit of Rs 36.9 crore on revenue of Rs 553.5 crore.

Zaggle’s shares are expected to be listed on the BSE and NSE on September 27.


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