Zaggle Prepaid ocean services issue opens IPO today

Hashim Ahmad

 Zaggle Prepaid issue opens IPO today

Mops up ₹253.52 crore from anchor investors

Zaggle Prepaid issue opens  moment  Mops up ₹253.52 crore from anchor investors  
The Zaggle Prepaid Ocean Services Ltd issue opens  moment for public subscription. The company plans to raise Rs 564 through the IPO, which will close on September 18.   It has fixed a price band of 156- 164 and investors can bid for 90 equity shares.   The IPO includes a fresh issue of Rs 392 crore, and an offer- for-  trade( OFS) by promoters and a many investors worth Rs 174 crore.   Zaggle Prepaid raised Rs253.52 crore from 23 anchor investors at the upper price band of Rs 164 per equity share.

         The author and Chairman Raj P Narayanam and another protagonist and MD, Avinash Ramesh Godkhindi, will  discharge just0.02 per cent each in the OFS. External investors VenturEast Proactive Fund will  discharge2.17 per cent and GKFF gambles will  vend0.02 per cent. either, Proactive Fund will  vend1.72 per cent, VenturEast Trustee Company3.78 per cent, and Koteshwara Rao Meduri, an individual investor,0.02 per cent.
 As part of the IPO, Zaggle Prepaid  distributed equity shares at Rs 164 a share to 23 anchor investors, to raise ₹253.52 crore on Wednesday.   The anchors include domestic  collective  finances  similar as LIC MF, ICICI MF, Kotak MF and  transnational  finances  similar as Morgan Stanley Asia( Singapore), Societe Generale and Goldman Sachs( Singapore)pte.   In addition, marquee investors  similar as East Spring, Abakkus, MK Ventures( Madhu Kela), Ashish Kacholia, IIFL, Valuequest, Loomis and Mathews Asia also  shared. 

 Of the  finances raised, Rs 300 crore is to be used towards  client accession and retention, Rs 40 crore for technology and products, Rs17.1 crore towards prepayment/ repayment of debt, and the rest for general commercial purposes.
 Zaggle Prepaid Ocean Services operates in a member where it interacts and interfaces with its  guests( i.e., businesses) and end-  druggies( i.e.,  workers).   Zaggle is a leading player in spend  operation with a  discerned value proposition and diversified  stoner base. It has created a niche in India by offering a  concerted  result for spend  operation through reimbursed cards and hand  operation( through SaaS).
It operates in the business- to- business- to-  client( B2B2C) member and is among a small number of uniquely  deposited players with a diversified immolation of fintech products and services, having the largest number of issued repaid cards in India, a diversified SaaS portfolio, including  duty and payroll software, and wide touchpoint reach.


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