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HomeMarket NewsIPO Screener: Zaggle Prepaid IPO subscribed 19% on Day 1 

IPO Screener: Zaggle Prepaid IPO subscribed 19% on Day 1 

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The initial public offering of Zaggle Prepaid Ocean Services Ltd was subscribed just 19 per cent on Day 1 of issue opening on Thursday. The company plans to raise ₹564 through the IPO, which will close on September 18. It has fixed a price band at ₹156-164 and the market lot is 90 shares.

The IPO includes a fresh issue of ₹392 crore, and an offer-for-sale (OFS) by promoters and a few investors worth ₹174 crore. 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 a 2.17 per cent and GKFF Ventures will sell 0.02 per cent. Besides, Proactive Fund will also sell 1.72 per cent, VenturEast Trustee Company will sell 3.78 per cent, and Koteshwara Rao Meduri, an individual investor, 0.02 per cent.

The initial share sale received bids for 37.01 lakh shares as against 1.93 crore shares on offer. The quota reserved for retail individual investors (RIIs) was subscribed 88 per cent while non-institutional investors’ portion received 11 per cent subscription. QIBs yet to invest. The company has reserved up to 75 per cent of issue for qualified institutional buyers, 15 per cent for non-institutional investors (NII), and 10 per cent for retail investors.

Zaggle Prepaid had raised ₹253.52 crore from 23 anchor investors at the upper price band of ₹164 a share, as part of IPO.The company allotted 1.54 crore shares at ₹164 a share to 23 anchor investors on Wednesday. Among the anchors include, domestic mutual funds such as ike LIC MF, ICICI MF, Kotak MF and international funds such as like Morgan Stanley Asia (Singapore), Societe Generale and Goldman Sachs (Singapore) pte. Besides, 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, ₹300 will be used towards customer acquisition and retention, ₹40 crore for technology and products and ₹17.10 crore for repayment/prepayment.

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 are 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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