[ad_1]
Zaggle Prepaid Ocean is a leading fintech player in spend management (Representational)
New Delhi:
Equity investors are gearing up for another public offer that is ready to hit the Indian markets this week – the Zaggle Prepaid Ocean IPO (initial public offering).
Zaggle Prepaid Ocean is a leading fintech player in spend management, with more than 50 million prepaid cards issued in partnership with banking partners and more than 2.27 million users served, as of March 31, 2023.
If you are considering subscribing to the issue, here are some key details you should know.
Important dates
Zaggle Prepaid Ocean Services IPO opens for subscription on Thursday, September 14, and closes on Monday, September 18. The anchor investors bidding will happen on September 13.
The finalisation of the basis of allotment of shares will be done on September 22, refunds should be initiated on September 25 and the shares are likely to be listed on exchanges on September 27.
IPO details
Zaggle Prepaid Ocean Services has priced its IPO at Rs 156-164 per equity share of face value of Re 1 each. The lot size is 90 equity shares. This means that investors need to bid for a minimum 90 shares and in multiples of 90 thereafter.
At the higher end of the pricing range, the company plans to generate Rs 564 crore through its IPO.
The IPO comprises a fresh issue of shares worth Rs 392 crore and an offer-for-sale (OFS) of 10.45 million shares by eight shareholders.
The selling shareholders include the company’s promoters Raj P Narayanam and Avinash Ramesh Godkhindi, VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company, Zuzu Software Services, and Koteswara Rao Meduri.
Up to 75 percent of the shares in the IPO have been reserved for qualified institutional buyers (QIB), 15 percent for non-institutional investors (NII), and 10 percent is reserved for retail investors.
Zaggle has said that it would use net fresh issue proceeds for customer acquisition and retention at a cost of Rs 300 crore. Around Rs 40 crore will be invested for developing products and tech till 2026.
The company will also repay its debt of Rs 17.08 crore via the fresh issue money, and the remaining amount will be used for general corporate purposes.
[ad_2]
