Zaggle IPO subscribed 19% on day 1

14 Sep 2023 , 08:39 PM

Zaggle Prepaid Ocean Services’ debut in the public market saw a 19% subscription rate on the first day of bidding, September 14.

The company aims to raise Rs 563.38 crore through its Initial Public Offering (IPO), comprising a fresh issue of Rs 392 crore and an offer-for-sale (OFS) segment featuring 1.04 crore shares valued at Rs 171.38 crore at the upper price limit.

In terms of allocation, 75% of the offering has been set aside for Qualified Institutional Buyers (QIBs), including the anchor book, which was fully subscribed on September 13, a day prior to the IPO’s commencement. The remaining 15% is earmarked for High Net Worth Individuals (HNIs), with the remaining 10% designated for retail investors.

Retail investors have exhibited robust interest, securing 87% of their allocated portion, while HNIs have claimed 11%. QIBs, on the other hand, are yet to indicate their interest in the IPO.

The price range for this offering, which will conclude on September 18, is set at Rs 156-164 per share.

Zaggle operates within a segment that facilitates interactions between businesses and end-users (employees). For the fiscal year ending in March FY23, the company reported consolidated net profits of Rs 22.9 crore, generated from revenues of Rs 553.46 crore.