Zaggle Prepaid IPO gets subscribed 12.57 times on final day

Zaggle IPO, Zaggle Prepaid IPO subscription status: Zaggle Prepaid's share sale has received bids for 24,28,83,090 shares against 1,93,26,761 shares on offer on final day of the biding process. The category for Qualified Institutional Buyers (QIBs), non-institutional investors' part got subscribed 16.73 times and 8.85 times, respectively. The quota for retail individual investors (RIIs) was subscribed 5.94 times. Overall, the public issue has been subscribed 12.57 times. 

The IPO of Zaggle Prepaid Ocean Services opened for subscription on Thursday, September 14. The bidding process for the public offer, comprising fresh issuance worth Rs 392 crore and an offer for sale (OFS) worth Rs 1.04 crore shares by promoters and a few external investors, will conclude on Monday, September 18. Under the OFS, promoters Raj P Narayanam and Avinash Ramesh Godkhindi will offload shares.

Here are important things to know about the Zaggle Prepaid IPO:

Zaggle IPO allotment date

The basis of the allotment of shares under the IPO of Zaggle Prepaid is set to be finalised on Friday, September 22.Successful bidders will get shares credited into their demat accounts on September 26, Tuesday, whereas other participants will have refunds initiated on September 25, Monday.

Zaggle IPO listing date

 Zaggle Prepaid stock is likely to be listed in the secondary market on September 27, Wednesday. The equity shares of the company will be listed on the BSE and NSE.

Zaggle IPO review: Should you subscribe to it? Here is what Anil Singhvi suggests

Zee Business Managing Editor Anil Singhvi said that investors with a higher risk appetite should invest money for the long term.

Zaggle Prepaid IPO: Utilisation

The company proposes to utilise Rs 300 crore of the net proceeds on expenditure towards customer acquisition and retention, up to Rs 40 crore on expenditure for the development of technology and products, and up to Rs 17.08 crore to pare down, in full or in part, debt availed by the firm.

Zaggle Prepaid IPO: Book-running lead managers

ICICI Securities Ltd, Equirus Capital Private Ltd, IIFL Securities Ltd and JM Financial Ltd are the book-running lead managers to the issue.

What does Zaggle Prepaid Ocean Services do?

Founded in 2011, the company operates in the business-to-business-to-customer segment. It has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (through SaaS).

(with PTI inputs)

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