Zaggle Prepaid Ocean Services IPO Debut Tomorrow: GMP, Price, Dates & Other Details
The Zaggle Prepaid Ocean Services IPO is set to open for subscription on Thursday, September 14th, 2023, offering a unique opportunity for investors to participate in the fintech company’s growth journey. Here’s everything you need to know about this highly anticipated IPO.
Empowering Businesses Through Financial Solutions
Zaggle is at the forefront of the fintech industry, dedicated to empowering enterprises, startups, and SMEs with cutting-edge financial solutions. Their innovative approach combines prepaid cards and Software as a Service (SaaS)-enabled staff management, aligning seamlessly with the evolving needs of businesses in today’s dynamic financial landscape.
Financial Performance
As of March 31, 2023, Zaggle reported impressive financial figures. The company’s total revenues for the fiscal year ending on March 31, 2022, stood at ₹371.66 crores. Its assets amounted to ₹234.76 crores, with revenues soaring to ₹554.58 crores. Zaggle’s net worth increased to ₹48.75 crores, driven by a profit after taxes of ₹22.90 crores, supported by reserves and a surplus of ₹39.36 crores. However, it’s worth noting that there have been periods of losses, as indicated by the ₹338.59 crores profit after tax as of March 31, 2023.
Unique Position in the Industry
One remarkable aspect of Zaggle is its lack of listed industry peers in India or abroad, making this IPO even more intriguing for investors.
Zaggle Prepaid Ocean Services IPO Details
- IPO Date: The Zaggle Prepaid Ocean Services IPO subscription opens on Thursday, September 14, and closes on Monday, September 18.
- Price Band: The price band for the IPO ranges from ₹156 to ₹164 per equity share of face value ₹1 each.
- Lot Size: The IPO lot size is 90 equity shares, with multiples of 90 equity shares thereafter.
- Anchor Investors: Allocation to anchor investors is scheduled for Wednesday, September 13.
- Total Issue Size: The IPO comprises a fresh issue of shares worth ₹392 crore and an offer for sale (OFS) portion of 10,449,816 shares of ₹1 each, amounting to ₹171.38 crore. These shares are sold by promoter selling shareholder Raj P Narayanam, Avinash Ramesh Godkhindi, and other selling shareholders, making the total issue size ₹563.38 crores.
Also Read: Zaggle IPO Details | GMP, Date, Price, Review, Allotment
Zaggle Prepaid Ocean Services IPO Utilization of Funds
Zaggle plans to utilize the net proceeds from the offering for various purposes, including customer acquisition and retention costs, product and technology development, general corporate expenses, and the repayment or prepayment of borrowings.
Zaggle Prepaid Ocean Services IPO Allotment and Listing Dates
The basis of allotment of shares will be finalized on Friday, September 22. Refunds will be initiated on Monday, September 25, and shares will be credited to the demat accounts of allottees on Tuesday, September 26. Zaggle IPO shares are expected to be listed on both BSE and NSE on Wednesday, September 27.
Zaggle Prepaid Ocean Services IPO Reservation
The IPO reserves not more than 75% of shares for Qualified Institutional Buyers (QIB), not less than 15% for Non-Institutional Investors (NII), and not less than 10% for Retail Investors.
Zaggle Prepaid Ocean Services IPO Lead Manager and Registrar
Leading the IPO are book running lead managers ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited, and JM Financial Limited. Kfin Technologies Ltd serves as the registrar for the offering.
Zaggle Prepaid Ocean Services IPO GMP
As of now, the Zaggle Prepaid Ocean Services GMP, or grey market premium, stands at +32. This premium indicates strong investor interest.
Zaggle Prepaid Ocean Services IPO Listing Price
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Zaggle shares is ₹196 apiece. This represents a 19.51% increase over the IPO price of ₹164.
Zaggle Prepaid Ocean Services IPO Recent GMP Trends
On Tuesday, the GMP was ₹0, indicating that shares were trading at their issue price of ₹164, with no premium or discount in the grey market.
The Zaggle Prepaid Ocean Services IPO presents a compelling opportunity for investors to participate in the growth story of a unique fintech company. Stay tuned for further updates on this exciting IPO.
About Zaggle Prepaid Ocean Services:
Established in 2011, Zaggle Prepaid Ocean Services Limited is a fintech firm committed to streamlining corporate expense management using advanced technology. Our expertise lies in delivering fintech and SaaS solutions to diverse industries, encompassing banking, finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automobiles.
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