- By Vaamanaa Sethi
- Thu, 14 Sep 2023 05:44 PM (IST)
- Source:JND
The initial public offering (IPO) of Zaggle Prepaid Ocean Services was booked 19% on the first day of issue on September 14. The issue received bids for 36.87 lakh equity shares against an offer size of 1.93 crore shares. The issue will close on Monday, September 18.
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The company is intending to raise Rs 563.38 crore via the IPO, which has a fresh issue component of Rs 392 crore, and an offer-for-sale (OFS) portion of 1.04 crore shares worth Rs 171.38 crore at the upper price band.
According to data available on BSE, 75% of the offer has been reserved for qualified institutional buyers (QIBs) including anchor book, which was fully subscribed on September 13.
Retail portions were 87 percent booked and that of HNIs (non-institutional investors) 11 percent, while QIBs are yet to show their interest in the IPO.
The price band of the offer was set between Rs 156-164 per share. The company has already raised Rs 253.52 crore from 23 anchor investors at the upper price band of ₹ 164 per equity share.
Marquee investors including Morgan Stanley Asia (Singapore), Matthews Asia Funds, Copthall Mauritius Investment, Societe Generale, Goldman Sachs, ICICI Prudential, LIC Mutual Fund, Abakkus Diversified Alpha Fund, and Elara India Opportunities Fund participated in the anchor book on September 13.
ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited and JM Financial Limited are the book running lead managers to the offer.
Zaggle Prepaid Ocean Services offers fintech and SaaS products & services to corporates in banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automobile industries.
The company reported consolidated net profit of Rs 22.9 crore on revenue of Rs 553.46 crore for the financial year ended March FY23.