Zaggle Prepaid IPO subscribed 32%, retail portion oversubscribed

15 Sep 2023 , 01:44 PM

The initial public offering (IPO) of Zaggle Prepaid Ocean Services, a fintech and SaaS products and services provider, launched on September 14 with an offering value of Rs 563 crore. On the first day of the IPO, it achieved a subscription rate of 19%.

By 1:30 PM on the second day, the IPO had reached a subscription rate of 32%. The retail investors’ segment exhibited strong demand, with a subscription rate of 1.44 times, while the Non-Institutional Investors (NII) segment achieved a subscription rate of 19%. However, the Qualified Institutional Buyers (QIB) portion did not receive any subscriptions.

The Zaggle IPO is composed of a fresh issue, consisting of shares valued at Rs 392 crore, and an offer-for-sale (OFS) component comprising 10,449,816 shares with a face value of Rs 1, amounting to Rs 171.38 crore. These shares are being divested by promoter selling shareholders Raj P Narayanam, Avinash Ramesh Godkhindi, and other selling shareholders.

Zaggle Prepaid Ocean Services’ client base includes prominent companies such as TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, Wockhardt, MAZDA, PCBL (RP Sanjiv Goenka Group), Hiranandani Group, Cotiviti, Greenply Industries, and more.

As of fiscal 2023, the company boasts over 250 employees, maintains seven offices across India, serves more than 1,750 customers, and caters to over 1.7 million end-users.