Zaggle Launches QIP To Raise Rs 450 Crore, Option To Upsize To Rs 750 Crore—Details Here

Zaggle Prepaid Ocean Services Ltd. initiated a Qualified Institutional Placement to raise Rs 450 crore, with the potential to increase the fundraising to Rs 750 crore. The offering was launched post market hours on Wednesday and was set to close by 9 a.m. on Thursday, according to the term sheet viewed by NDTV Profit.

The indicative price for the QIP was set at Rs 523.2 per share, reflecting a 6.75% discount to the last closing price of Rs 561.1 on the NSE. The SEBI-mandated floor price for the issue is Rs 550.73 per share.

The deal involves the issuance of up to 14,334,862 equity shares, including the potential upsized portion, representing up to 10.5% dilution of the company’s post-issue equity capital. The offering, fully comprising primary shares, aims to raise approximately $53 million (Rs 4.5 billion), with an optional upsizing to $88.3 million (Rs 7.5 billion).

The QIP will proceed with application submissions and payment of application amounts due by 3 p.m. on Monday, Dec. 23. Pricing and allocation are expected on the same day, with crediting of shares slated for Dec. 26, followed by the listing and commencement of trading on Dec. 27.

Motilal Oswal Investment Advisors, Equirus Capital, and Nuvama Wealth Management are acting as the book-running lead managers for the transaction.

Shares of the company closed 2.88% lower at Rs 561.10 per share, compared to a 0.56% decline in the NSE Nifty 50 on Wednesday. The stock has risen 140.15% year-to-date and 144.56% over the past 12 months.

The one analyst tracking the fintech company has a 'buy' rating on the stock, according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 561.10.