Zaggle Prepaid Raises Rs 253.5 Crore From Anchor Investors Ahead Of IPO
The fintech product and solution provider has allotted nearly 1.54 crore shares at Rs 164 per share to 24 anchor investors.
Zaggle Prepaid Ocean Services Ltd. has raised Rs 253.5 crore from anchor investors ahead of its initial public offering, which is set to open on Sept. 14
The fintech product and solution provider has allotted nearly 1.54 crore shares at Rs 164 per share to 24 anchor investors.
The investors included Kotak Equity Opportunities Fund, Neuberger Berman Emerging Markets Equity Fund, ICICI Prudential Technology Fund, LIC MF Large and Mid Cap Fund, Morgan Stanley Asia (Singapore) Pte, Goldman Sachs (Singapore) Pte, and Abakkus Diversified Alpha Fund, among others.
Out of the total allocation, about 37.8 lakh equity shares were allocated to three domestic mutual funds through a total of four schemes. They have collectively invested around Rs 62 crore, which is 24.46% of the total portion.
Kotak Equity Opportunities Fund secured an allocation of 9.27%, LIC MF Large and Mid Cap Fund secured 5.92%, and ICICI Prudential, through two of its schemes, secured 9.26%.
About Zaggle Prepaid Ocean Services IPO
Zaggle Prepaid Ocean Services plans to raise Rs 392 crore via a fresh issue. The company also plans to offload 1.04 crore equity shares via an offer for sale. Among other shareholders, Zaggle's OFS comprises two promoters—Raj Narayanam and Avinash Godkhindi—who are selling their shares.
The price band is fixed in the range of Rs 156–164 per share.
Incorporated in 2011, Zaggle Prepaid Ocean Services is a company that offers a diversified range of fintech products and services. The company has created a market niche in India and offers a combined solution for spend management through prepaid cards and employee management through software-as-a-service.
