Zaggle Prepaid Ocean Services Ltd. on Wednesday announced the launch of a qualified institutional placement. The floor price for the QIP has been fixed as Rs 550.73 per equity share, according to an exchange filing.
The floor price set for the issue marks a discount of 2% as against the stock's current market price.
"The company may offer a discount of not more than 5% on the floor price so calculated for the issue," the filing stated.
The merchant bankers for the QIP are Motilal Oswal Investment Advisors Ltd., Equirus Capital Pvt. and Nuvama Wealth Management Ltd.
Notably, Zaggle Prepaid had received nod from its board of directors on Oct. 30 to raise up to Rs 950 crore through the issuance of equity shares or bonds, or a combination thereof, on a preferential allotment basis or through the QIP route. This was followed by the company's shareholders approving the planned fundraise via postal ballot on Dec. 2.
Zaggle Prepaid's Managing Director and Chief Executive Officer Avinash Godkhindi, while speaking earlier to NDTV Profit, said the financial technology firm was on track to exceed its revenue guidance by fiscal 2026, backed by several measures taken by the company recently. In the last fiscal, the company had clocked a revenue of nearly Rs 776 crore.
Shares of Zaggle Prepaid on Wednesday closed 2.88% lower at Rs 561.1 apiece on the NSE, compared to a 0.56% decline in the benchmark Nifty 50. The stock has risen by 151.7% on a year-to-date basis, and by 134% over the past 12 months.
Notably, the company was listed on the bourses in September last year following a Rs 563-crore initial public offering.
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