Zaggle Prepaid Ocean Services IPO opens for subscription; check details here

14 Sep 2023 , 12:04 PM

The Zaggle Prepaid Ocean Services’ initial public offering (IPO) became available for subscription on Thursday, September 14. This IPO encompasses both fresh issuance, valued at Rs 392 crore, and an offer for sale (OFS) of Rs 1.04 crore shares by promoters and select external investors. The subscription window for this public offering will close on Monday, September 18. To participate in the IPO, you can click here.

On the first day of the IPO (Day 1), as of 12:00 PM, the Zaggle Prepaid share sale received bids for 14,13,630 shares out of the total 1,93,26,761 shares offered, resulting in a subscription rate of 0.07 times. Notably, the Qualified Institutional Buyers (QIBs) category had yet to record any subscriptions at the time of preparing this report. The Retail Individual Investors (RIIs) segment achieved a subscription rate of 0.09 times, while the Non-Institutional Investors (NIIs) registered a subscription rate of 0.03 times.

The company intends to allocate Rs 300 crore of the net proceeds towards customer acquisition and retention, allocate up to Rs 40 crore for the development of technology and products, and earmark up to Rs 17.08 crore for the partial or full reduction of the company’s debt.

Zaggle Prepaid Ocean Services’ shares are expected to be listed on both the BSE and NSE stock exchanges, with a tentative listing date of September 27.