Zaggle Prepaid Ocean Services Lists At Par Over IPO Issue Price; Check Revised Share Rates

Zaggle Prepaid Ocean Services saw a dull debut on the Indian bourses on September 22. Zaggle shares listed at Rs 164 on NSE and Rs 162 on BSE, against the IPO issue price of Rs 164 per share.

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The listing aligned with analysts' expectations for a subdued debut, as the grey market premium (GMP) remained lackluster in the days leading up to the listing.

The IPO saw a decent response from investors, reportedly bought 24.28 crore equity shares, which is about 12.57 times higher than the offer size of 1.93 crore shares.

Qualified institutional buyers displayed strong interest by bidding 16.73 times the allocation reserved for them, representing 75% of the total offer size. Meanwhile, the portions designated for high net worth individuals and retail investors, accounting for 15% and 10% of the IPO, were oversubscribed at 8.85 times and 5.94 times, respectively.

The company intended to spend fresh issue money for customer acquisition and retention, and the development of technology and products, at a cost of Rs 340 crore. Additionally, it will settle its debt of Rs 17.08 crore, with the remaining funds allocated for general corporate purposes.

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It reported a growth in revenue from operations of at a CAGR of 52% during FY21-23, and the adjusted PAT increased at a CAGR of 38% during the same period due to an increase of 151% in the user base. For FY23, it has recorded a consolidated net profit of Rs 36.9 crore on revenue of Rs 553.5 crore.