Zaggle Prepaid Ocean Services IPO opens this week: GMP, price band, dates and other details

livemint.com:

₹156 to ₹164 per equity share of face value of ₹1 each. Zaggle IPO lot size is 90 equity shares and in multiples of 90 equity shares thereafter.

Zaggle IPO floor price is 156 times the face value and the cap price is 164 times the face value. 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. As per the Red Herring Prospectus (RHP) comprises of up to 1,529,677 equity Shares by Raj P Narayanam, up to 1,529,677 Equity Shares by Avinash Ramesh Godkhindi (together, the 'Promoter Selling Shareholders'), up to 2,830,499 Equity Shares by VenturEast Proactive Fund LLC, up to 2,046,026 Equity Shares by GKFF Ventures, up to 538,557 Equity Shares by VenturEast SEDCO Proactive Fund LLC, up to 118,040 Equity Shares by Ventureast Trustee Company Private Ltd, up to 1,765,540 Equity Shares by Zuzu Software Services Private Ltd and up to 91,800 Equity Shares by Koteswara Rao Meduri.

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. Zaggle IPO has reserved not more than 75% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 10% of the offer is reserved for Retail Investors.