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HomeMarket NewsIPO Screener: Zaggle Prepaid issue opens today

IPO Screener: Zaggle Prepaid issue opens today

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The Zaggle Prepaid Ocean Services Ltd issue opens today for public subscription. The company plans to raise Rs 564 through the IPO, which will close on September 18. 

It has fixed a price band of 156-164 and investors can bid for 90 equity shares.

The IPO includes a fresh issue of Rs 392 crore, and an offer-for-sale (OFS) by promoters and a few investors worth Rs 174 crore.

Zaggle Prepaid raised Rs 253.52 crore from 23 anchor investors at the upper price band of Rs 164 per equity share.

The founder and Chairman Raj P Narayanam and another Promoter and MD, Avinash Ramesh Godkhindi, will offload just 0.02 per cent each in the OFS. External investors VenturEast Proactive Fund will offload 2.17 per cent and GKFF Ventures will sell 0.02 per cent. Besides, Proactive Fund will sell 1.72 per cent, VenturEast Trustee Company 3.78 per cent, and Koteshwara Rao Meduri, an individual investor, 0.02 per cent.

As part of the IPO, Zaggle Prepaid allotted 15,458,515 equity shares at Rs 164 a share to 23 anchor investors, to raise ₹253.52 crore on Wednesday. 

The anchors include domestic mutual funds such as LIC MF, ICICI MF, Kotak MF and international funds such as Morgan Stanley Asia (Singapore), Societe Generale and Goldman Sachs (Singapore) pte. 

In addition, marquee investors such as East Spring, Abakkus, MK Ventures (Madhu Kela), Ashish Kacholia, IIFL, Valuequest, Loomis and Mathews Asia also participated.

Of the funds raised, Rs 300 crore is to be used towards customer acquisition and retention, Rs 40 crore for technology and products, Rs 17.1 crore towards repayment/ prepayment of debt, and the rest for general corporate purposes.

Zaggle Prepaid Ocean Services operates in a segment where it interacts and interfaces with its customers (i.e., businesses) and end-users (i.e., employees). 

Zaggle is a leading player in spend management with a differentiated value proposition and diversified user base. It has created a niche in India by offering a combined solution for spend management through prepaid cards and employee management (through SaaS).

It operates in the business-to-business-to-customer (B2B2C) segment and is among a small number of uniquely positioned players with a diversified offering of fintech products and services, having the largest number of issued prepaid cards in India, a diversified SaaS portfolio, including tax and payroll software, and wide touchpoint reach. 





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