Latest News | Zaggle Prepaid Ocean Services Raises Rs 253 Cr from Anchor Investors
Get latest articles and stories on Latest News at LatestLY. Fintech player Zaggle Prepaid Ocean Services on Wednesday said it has mobilised Rs 253.52 crore from anchor investors ahead of its initial public offering (IPO).
New Delhi, Sep 13 (PTI) Fintech player Zaggle Prepaid Ocean Services on Wednesday said it has mobilised Rs 253.52 crore from anchor investors ahead of its initial public offering (IPO).
The company has allocated 1.54 crore equity shares to 23 entities at Rs 164 apiece, according to a circular uploaded on the BSE website.
Kotak Equity Opportunities Fund, LIC Mutual Fund, ICICI Prudential Technology Fund, Abakkus Diversified Alpha Fund, Elara India Opportunities Fund, Morgan Stanley Asia (Singapore) Pte, ACM Global Fund VCC, Turnaround Opportunities Fund, Eastspring Investments India Fund and Neuberger Berman Emerging Markets Equity Fund are among anchor investors.
The company has fixed a price band of Rs 156-164 per share for its maiden public issue, which will open for subscription on September 14-18.
The IPO comprises a fresh issue of equity shares up to Rs 392 crore and an offer for sale (OFS) component of up to 1.04 crore shares by promoters and a few external investors.
Under the OFS, promoters -- Raj P Narayanam and Avinash Ramesh Godkhindi -- will offload shares.
Apart from the promoters, VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company, Zuzu Software Services Pvt Ltd and Koteswara Rao Meduri are the other selling shareholders.
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.
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).
ICICI Securities Ltd, Equirus Capital Private Ltd, IIFL Securities Ltd and JM Financial Ltd are the book-running lead managers to the issue.
The equity shares of the company will be listed on the BSE and NSE.
In FY22, the company had reported Rs 370 crore in revenue, from which it had earned Rs 40 crore in net income.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)