Ahead of IPO, Zaggle Prepaid Ocean Services collects over ₹253 crore from anchor investors

livemint.com:

₹ 253.52 crore ahead of company’s proposed IPO at the upper price band of ₹ 164 per equity share (including premium of ₹ 163 per equity shares) with face value of ₹ 1 per share. Out of the total allocation of 15,458,515 equity shares to the Anchor Investors, 3,780,630 Equity Shares (i.e. 24.46% of the total allocation to the Anchor Investors) were allocated to 3 domestic mutual funds through a total of 4 schemes.

Porminent Institutional investors included domestic mutual funds like LIC MF, ICICI MF, Kotak MF and international funds like Morgan Stanley Asia(Singapore), Societe Generale, Goldman Sachs (Singapore) . In addition, marquee investors such as East spring, Abakkus, MK ventures (Madhu Kela), Ashish Kacholia, IIFL, Valuequest, Loomis and Mathews Asia* particpated in the anchor book process . Zaggle Prepaid Ocean Services on Monday set the price band for its ₹564 crore-initial share sale at ₹156-164 apiece, a hefty 156-164 times of the face value of its shares.

The initial public offering (IPO), which is opening on September 14, comprises a fresh issue of equity shares up to ₹392 crore and an offer for sale (OFS) by promoters and a few external investors aggregating up to ₹174 crore. Post-issue the promoter/promoter entities will hold around 42 per cent of the paid up equity, while selling shareholders will collectively pare their holdings by a tad over 8 per cent. Through the OFS, the founder and chairman Raj P Narayanam will sell just 0.02 per cent from his 44 per cent holding.