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Zaggle Prepaid Ocean Services Secures Rs 253.52 Crore from Anchor Investors Ahead of IPO Launch

13 Sep 2023 , 10:03 PM

Zaggle Prepaid Ocean Services, a company specializing in spend management solutions, successfully garnered Rs 253.52 crore from 23 anchor investors on September 13, just one day before the commencement of its initial public offering.

Prominent investors, including Morgan Stanley Asia (Singapore), Matthews Asia Funds, Neuberger Berman Emerging Markets Equity Fund, Eastspring Investments India Fund, Astorne Capital VCC – Arven, Copthall Mauritius Investment, Societe Generale, Goldman Sachs (Singapore), and Natixis International Funds, actively participated in the anchor book as qualified institutional buyers (QIBs).

The list of investors further includes Kotak Equity Opportunities Fund, ICICI Prudential, LIC Mutual Fund, Abakkus Diversified Alpha Fund, Turnaround Opportunities Fund, Elara India Opportunities Fund, Valuequest Scale Fund, Founders Collective Fund, and Ananta Capital Ventures Fund. Out of the total shares allocated to anchor investors, 37,80,630 equity shares were allotted to three domestic mutual funds through four schemes.

Zaggle Prepaid Ocean Services is set to launch its Rs 563.38-crore public issue on September 14, comprising a fresh issue of shares valued at Rs 392 crore and an offer-for-sale (OFS) of 1,04,49,816 equity shares by eight selling shareholders, namely Raj P Narayanam, Avinash Ramesh Godkhindi, VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company, Zuzu Software Services, and Koteswara Rao Meduri.

The price band for the offering, which will remain open until September 18, has been fixed at Rs 156-164 per share. Zaggle intends to utilize the net proceeds from the fresh issue, amounting to Rs 300 crore, for customer acquisition and retention, along with Rs 40 crore for the development of technology and products. Additionally, the company plans to retire its debts of Rs 17.08 crore using the fresh issue funds.

Zaggle Prepaid Ocean Services

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