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 name | Zaggle Prepaid Ocean Services Limited |
| Sector | Fintech |
| Industry | Fintech |
| Company Website | https://www.zaggle.in/ |
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 date | 14 September 2023 |
| IPO Closing | 18 September 2023 |
| Basis of Allotment | 22 September 2023 |
| Initiation Refund | 25 September 2023 |
| Credit to Demat Account | 26 September 2023 |
| Listing Date | 27 September 2023 |
IPO details
| Issue type | Book 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 size | 90 Shares |
| Retail Allocation | 10 % |
| Listing Exchange | BSE & NSE |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 90 | ₹14,760 |
| Retail (Max) | 13 | 1170 | ₹191,880 |
| S-HNI (Min) | 14 | 1,260 | ₹206,640 |
| S-HNI (Max) | 67 | 6,030 | ₹988,920 |
| B-HNI (Min) | 68 | 6,120 | ₹1,003,680 |
Reservation Details
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Financial Performance
| FY 2021 | FY 2022 | FY 2023 | |
| Revenue | 239.97 | 371.26 | 553.46 |
| Expenses | 223.0 | 320.49 | 522.94 |
| Net income | 19.33 | 41.92 | 22.90 |
| Margin (%) | 8.06 | 11.29 | 4.14 |
Valuations & Margins
| FY 2021 | FY 2022 | FY 2023 | |
| EPS | 2.11 | 4.57 | 2.46 |
| PE ratio | – | – | – |
| RONW (%) | (42.44) | (1,178.22) | 46.98 |
| NAV | – | (0.39) | 5.29 |
| ROE (%) | (42.44) | (1,178.22) | 46.98 |
| EBITDA (%) | 11.51 | 16.12 | 8.69 |
| Debt/Equity | (1.52) | (18.12) | 2.42 |
Company Promoters
- Mr. Raj P Narayanam
- Mr. Avinash Ramesh Godkhindi
Promoter Holding
| Pre Issue Share Holding | 57.91% |
| Post Issue Share Holding | – |
Lead Manager(s)
- ICICI Securities Limited
- Equirus Capital Private Limited
- Iifl Securities Ltd
- Jm Financial Limited
IPO Registrar
KFIN TECHNOLOGIES LIMITED
Selenium, Tower-B Plot 31 and 32, Financial District Nanakramguda,
Serilingampally Hyderabad, Rangareddi 500 032 Telangana
Phone: +91 40 6716 2222
Email: zaggle.ipo@kfintech.com
Website: www.kfintech.com
Contact Details
ZAGGLE PREPAID OCEAN SERVICES LIMITED
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
Email: haripriya.singh@zaggle.in
Website: www.zaggle.in
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
