Zaggle Prepaid Ocean Services sets IPO price band at Rs 156-164
FinTech-SaaS company Zaggle Prepaid Ocean Services Ltd has set a price band of Rs 156-164 a share for its initial public offering (IPO). The IPO will open for subscription on September 14 and close on September 18.
The anchor investors bidding will start on September 13. The finalisation of the basis of allotment will be done on September 22, initiation of refunds will be on September 25 and the shares will be listed on exchanges on September 27.
The IPO comprises a fresh issue of shares worth Rs 392 crore by the company, and an offer-for-sale of 10.45 million shares by eight selling shareholders.
At the higher end of the pricing range, the company plans to generate Rs 564 crore through its IPO, and its valuation stands at Rs 2,000 crore.
Zaggle, a leading player in spend management with a differentiated value proposition and diversified user base, will use the net proceeds from the fresh issue to:
- Acquire and retain customers (Rs 300 crore)
- Develop technology and products (Rs 40 crore)
- Repay debt (Rs 17.08 crore)
- General corporate purposes
The company’s total outstanding borrowings as of March 2023 were Rs 90.03 crore. ICICI Securities, Equirus Capital, IIFL Securities, and JM Financial are the merchant bankers to the issue, while KFin Technologies is the registrar.
Here are some key details of the IPO:
- Price band: Rs 156-164 per share
- Issue size: Rs 402.45 crore (fresh issue of Rs 392 crore and offer-for-sale of Rs 10.45 crore)
- Listing date: September 27, 2023
The IPO is expected to be a good opportunity for investors to participate in the growth of the spend management industry. Zaggle is a well-established player in the market with a strong track record. The company has a differentiated value proposition and a diversified user base. The IPO is also well-priced, with a valuation of Rs 2,000 crore at the higher end of the price band.
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