Zaggle files IPO papers with SEBI to raise funds via IPO

21 Dec 2022 , 02:58 PM

Zaggle Prepaid Ocean Services Ltd has filed draft papers with market regulator SEBI to raise funds. As per DRHP, the company is looking to raise Rs 490 crore through fresh issue of equity shares and an offer for sale of 1.05 crore shares by promoters, investors and shareholders. 

Promoters offering offer for sale includes (OFS) Raj P Narayanam and Avinash Ramesh Godkhindi and investors — VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, and Ventureast Trustee Company.

The company aims to use net proceeds from the fresh issue for customer acquisition and retention, development of technology and products, payment of debt and for general corporate purposes.

The company operates in business-to-business-to-customer segment. It has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (through SaaS).

ICICI Securities, Equirus Capital, IIFL Capital Services and JM Financial have been appointed as lead managers to manage the IPO.