Zaggle Prepaid Ocean Services IPO price band at Rs 156-164. Issues opens on Thursday
Zaggle Prepaid Ocean Services has announced the price band of its upcoming public issue at Rs 156-164 per equity share. The three-day issue opens on September 14, Thursday.
The minimum lot size of this Zaggle Prepaid Ocean Services IPO is 90 shares which is worth Rs 14,760.
The company received approval from markets regulator Sebi to launch an IPO in April.
The company has received a final observation letter for its public offer. In Sebi's parlance, an observation letter is equivalent to an approval for the public issue.
The IPO comprises fresh issue of equity shares worth Rs 392 crore and an offer for sale (OFS) component of over 1.04 crore stocks by promoters, investors and other shareholders, according to the draft papers.
In the issue, 75% of the net offer has been reserved for qualified institutional buyers (QIBs) while for non-institutional investors (NIIs / NNIs), the quota reserved is 15%.
As for the retail investors, 10% of the offer is allocated.
Those offering shares in the OFS include promoters — Raj P Narayanam and Avinash Ramesh Godkhindi and investors — VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, and Ventureast Trustee Company.
Zaggle operates in the B2B2C segment and is amongst a small number of uniquely positioned players with a diversified offering of financial technology products and services.
The company provides offerings to customers and users that include employees, channel partners and customers, while collaborating with merchants, banks and NBFCs, providing a strong value proposition to each stakeholder. The company has 1,896 customers and 19.82 lakh users as of June-end.
The company said proceeds from the fresh issue would be utilised towards customer
