Zaggle Prepaid Ocean Services IPO Day 1: Subscription Status, GMP & Other Details
The eagerly awaited Zaggle Prepaid Ocean Services IPO embarked on its journey on Thursday, September 14, and the first day of subscriptions has left investors with mixed sentiments. As the subscription period extends until Monday, September 18, let’s delve into the initial response and key details.
Zaggle Prepaid Ocean Services IPO
The debut day of the Zaggle Prepaid IPO witnessed a lukewarm response from investors. Overall, the subscription rate stood at 11%, indicating cautious optimism in the market. The retail segment, however, exhibited notable enthusiasm with a 53% subscription rate. In contrast, Non-Institutional Investors (NII) showed a relatively subdued interest, accounting for only 4%. Qualified Institutional Buyers (QIBs) did not participate in the subscription process during the initial phase.
Also Read: Zaggle Prepaid Ocean Services IPO Subscription Status
Zaggle Prepaid Ocean Services IPO Subscription Status
Here’s a detailed breakdown of the subscription status for the Zaggle Prepaid Ocean Services IPO:
- Total bids received: 21,12,030 shares out of 1,93,26,761 shares offered (as of 13:42 IST, according to BSE data).
- Retail investors’ segment: 18,87,390 shares subscribed out of 35,57,802 shares available.
- Non-institutional investors’ segment: 2,24,640 shares subscribed out of 53,36,703 shares offered.
Zaggle Prepaid Ocean Services IPO Key Insights
The Zaggle IPO comprises a fresh issue, consisting of shares worth ₹392 crore, along with an offer for sale (OFS) portion comprising 10,449,816 shares, each valued at ₹1, aggregating to ₹171.38 crore. Promoter selling shareholders Raj P Narayanam, Avinash Ramesh Godkhindi, and others are part of the OFS. In total, the Zaggle IPO is valued at ₹563.38 crores.
The company intends to utilize the net proceeds from the IPO for various purposes, including customer acquisition and retention costs, product and technology development expenses, general corporate overheads, and the repayment or prepayment of certain outstanding borrowings.
Leading the IPO process are book running lead managers ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited, and JM Financial Limited, while Kfin Technologies Ltd is the designated registrar for the offering.
Zaggle Prepaid Ocean Services IPO GMP Today
In the grey market, the Grey Market Premium (GMP) for Zaggle IPO today stands at +36, aligning with the previous trading session.
Considering the upper end of the IPO price band and the current GMP, the anticipated listing price for Zaggle shares is ₹200 each, marking a 21.95% increase from the IPO price of ₹164.
Notably, on Tuesday, the Zaggle Prepaid IPO GMP was ₹0, indicating that shares were trading at their issue price of ₹164 with no premium or discount observed in the grey market, as reported by topsharebrokers.com.
About Zaggle Prepaid Ocean Services:
Zaggle Prepaid Ocean Services Limited offers financial technology (fintech) products and services that enable businesses to manage corporate expenses more efficiently. With innovative and automated workflows, they aim to streamline financial processes.
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