Zaggle Prepaid IPO: Zaggle IPO subscribed 31% on day 2 so far, retail portion oversubscribed

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IPO subscription status: Zaggle Prepaid IPO has been subscribed 31% on day 2, so far. Zaggle Prepaid IPO has opened for subscription on Thursday, September 14, and will close on Monday, September 18. Zaggle IPO's retail investors portion was subscribed 1.40 times, NII portion was subscribed 19%, and Qualified Institutional Buyers (QIB) did not receive any subscription.

Zaggle Prepaid Ocean Services IPO has received bids for 59,95,170 shares against 1,93,26,761 shares on offer, at 12:51 IST, according to data from the BSE. Zaggle Prepaid IPO retail investors' portion received bids for 49,76,100 shares against 35,57,802 shares on offer for this segment. Zaggle IPO's non-institutional investors' portion received bids for 10,19,070 shares against 53,36,703 on offer for this segment.

Also Read: Zaggle Prepaid IPO: Issue subscribed 19% on day 1, retail portion booked 87% Zaggle IPO is made up of fresh issue comprises of shares worth ₹392 crore and offer for sale (OFS) portion consists of 10,449,816 shares of ₹1, which aggregates to ₹171.38 crore sold by promoter selling shareholder Raj P Narayanam, Avinash Ramesh Godkhindi, and other selling shareholders . Zaggle IPO total issue size is ₹563.38 crores. The company plans to use the net proceeds from the offering to fund customer acquisition and retention costs, product and technology development costs, general corporate expenses, and the repayment or prepayment of some borrowings that the company has taken out, in full or in part.

ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited and JM Financial Limited are the book running lead managers to the Offer. Kfin Technologies Ltd is the offer's registrar. Also Read: Zaggle IPO now open: Check latest