Zaggle Prepaid Ocean Services IPO

Zaggle Prepaid Ocean Services IPO will open for subscription from 14 September 2023. The company aims for an issue size of ₹563.38 Cr through this IPO.

Company Overview

Full nameZaggle Prepaid Ocean Services Limited
Company Website

About Company

Incorporated in 2011, Zaggle Prepaid Ocean Services provides financial technology (fintech) products and services to manage corporate business expenses through automated workflows. The company is sector-agnostic, and its network of corporate customers covers the banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobile industries, among others, where it has relationships with brands such as TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, Wockhardt, MAZDA, PCBL (RP – Sanjiv Goenka Group), Hiranandani group, Cotiviti and Greenply Industries.

Zaggle Prepaid Ocean Services is placed at the intersection of the SaaS and fintech ecosystems, and the SaaS platform is designed for; (i) business spend management (including expense management and vendor management): (ii) rewards and incentives management for employees and channel partners; and (iii) a gift card management for merchants, which it refers to as customer engagement management system (CEMS).

As of 31 March 2023, the company has 1,832 corporate accounts and 579 SMB accounts. As of 31 March 2023, 2022, and 2021, the average user base per business was 943, 983, and 828 Users, respectively. As of 31 March 2023, it has issued 10.83 million active cards to 2,411 customers across India.

The Objective of the Issue

  • Expenditure towards Customer acquisition and retention.
  • Expenditure towards the development of technology and products.
  • Repayment/ pre-payment of certain borrowings, in full or part, availed by the company.
  • General corporate purposes.

IPO Timetable

IPO Opening date14 September 2023
IPO Closing18 September 2023
Basis of Allotment22 September 2023
Initiation Refund25 September 2023
Credit to Demat Account26 September 2023
Listing Date27 September 2023

IPO details

Issue typeBook Built Issue IPO
IPO issue size₹563.38 Cr – 34,352,255 shares
Fresh Issue₹392.00 Cr – 23,902,439 shares
Offer for sale₹171.38 Cr – 10,449,816 shares
Face value₹1 per share
Price Band ₹156 to ₹164 per share
Lot size90 Shares
Retail Allocation10 %
Listing ExchangeBSE & NSE

IPO Lot Size

Retail (Min)190₹14,760
Retail (Max)131170₹191,880
S-HNI (Min)141,260₹206,640
S-HNI (Max)676,030₹988,920
B-HNI (Min)686,120₹1,003,680

Reservation Details

QIB Shares Offered75%
NII (HNI) Shares Offered15%
Retail Shares Offered10%

Financial Performance

 FY 2021FY 2022FY 2023
Net income19.3341.9222.90
Margin (%)8.0611.294.14
(Amount in ₹ Crores)

Valuations & Margins

FY 2021FY 2022FY 2023
PE ratio
RONW (%)(42.44)(1,178.22)46.98
ROE (%)(42.44)(1,178.22)46.98
EBITDA (%)11.5116.128.69

Company Promoters

  • Mr. Raj P Narayanam
  • Mr. Avinash Ramesh Godkhindi 

Promoter Holding

Pre Issue Share Holding57.91%
Post Issue Share Holding

Lead Manager(s)

  • ICICI Securities Limited
  • Equirus Capital Private Limited
  • Iifl Securities Ltd
  • Jm Financial Limited

IPO Registrar

Selenium, Tower-B Plot 31 and 32, Financial District Nanakramguda,
Serilingampally Hyderabad, Rangareddi 500 032 Telangana
Phone: +91 40 6716 2222

Contact Details

Unit no. 602 and 603, 6th Floor,
Hyde Park, Opposite Ansa Industrial Estate,
Saki Vihar Road, Andheri East, Mumbai, 400 072, Maharashtra
Phone: +91 22 4879 4879

Allotment Status

Zaggle Prepaid Ocean IPO allotment will be available on the KFin Tech website. Click on this link to get allotment status.

Final thoughts

Zaggle Prepaid Ocean Services IPO is going to hit Dalal Street soon. applying for an IPO is purely a personal choice. study well about the company and subscribe if you are feeling good about the company. I hope this post will give you enough details to make a fundamental study of the company. learn well and make wise decisions.

Happy Investing

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