Published by: Mohammed Haris
Last updated: Sep 14, 2023 7:32 PM IST
Zaggle Prepaid Ocean Services IPO details. (Representative image)
The private individual investors (RIIs) portion saw 87 percent subscription, while the non-institutional investors quota saw 11 percent subscription.
The Initial Public Offer (IPO) of fintech player Zaggle Prepaid Ocean Services Ltd received a 19 percent subscription on Thursday, the first day of the offering. According to NSE data, the share sale attracted bids for 36,84,060 of the 1,93,26,761 shares on offer.
The private individual investors (RIIs) portion was subscribed at 87 percent, while the non-institutional investors quota was subscribed at 11 percent.
The IPO has a fresh issue of up to Rs 392 crore and offer for sale of up to 10,449,816 equity shares.
The price range of the IPO is Rs 156-164 per share.
Zaggle Prepaid Ocean Services on Wednesday said it has mobilized Rs 253.52 crore from major investors.
The company proposes to use Rs 300 crore of the net proceeds for customer acquisition and retention expenditure, up to Rs 40 crore for technology and product development expenditure, and up to Rs 17.08 crore to fully or partially abolish. , debt used by the company.
Founded in 2011, the company has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (via SaaS), the company said.
ICICI Securities, Equirus Capital, IIFL Securities and JM Financial are the managers of the offer.
Shares of the company will be listed on the BSE and NSE.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)