Zaggle Prepaid Ocean Services raises Rs 253.52 crore from anchor investors
Zaggle Prepaid Ocean Services, a spend management solutions company, has raised Rs 253.52 crore from 23 anchor investors on September 13, a day before its initial public offering (IPO) opens.
The anchor investors include Morgan Stanley Asia (Singapore), Matthews Asia Funds, Neuberger Berman Emerging Markets Equity Fund, Eastspring Investments India Fund, Astorne Capital VCC – Arven, Copthall Mauritius Investment, Societe Generale, and Goldman Sachs (Singapore), and Natixis International Funds.
Other investors such as Kotak Equity Opportunities Fund, ICICI Prudential, LIC Mutual Fund, Abakkus Diversified Alpha Fund, Turnaround Opportunities Fund, Elara India Opportunities Fund, Valuequest Scale Fund, Founders Collective Fund, and Ananta Capital Ventures Fund also invested in Zaggle via the anchor book.
The company has finalized the allocation of 1,54,58,515 equity shares to anchor investors at a price of Rs 164 per share. Out of the total allocation to the anchor investors, 37,80,630 equity shares were allocated to three domestic mutual funds through a total of 4 schemes.
Zaggle Prepaid Ocean Services will open its Rs 563.38-crore IPO on September 14, which comprises a fresh issue of shares worth Rs 392 crore and an offer-for-sale (OFS) of 1,04,49,816 equity shares by eight selling shareholders.
The price band for the offer, which closes on September 18, has been set at Rs 156-164 per share.
Zaggle will use the net proceeds from the IPO to fund customer acquisition and retention, development of technology and products, and repayment of debt.
The company is a player in the spend management space with a differentiated value proposition and diversified user base. It provides a range of solutions to help businesses manage their expenses, including prepaid cards, employee reimbursement, and invoice automation.
Zaggle is targeting a market that is expected to grow at a CAGR of 20% over the next few years. The company is well-positioned to capitalize on this growth, given its strong product offerings and customer base.
The IPO is expected to be well-received by investors, given the strong demand for new listings in the Indian market.
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