Zaggle Prepaid Ocean Services makes muted debut

September 22,2023

The scrip was listed at Rs 162, exhibiting a discount of 1.22% to the issue price.

So far, the stock has hit a high of 170.70 and a low of 156.30. On the BSE, over 5.52 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Zaggle Prepaid Ocean Services received bids for 24,28,83,090 shares as against 1,93,26,761 shares on offer. The issue was subscribed 12.57 times.

The issue opened for bidding on 14 September 2023 and it closed on 18 September 2023. The price band of the IPO was fixed at Rs 156-164 per share.

The IPO consisted of a fresh issue of Rs 392 crore and an offer for sale of up to 1,04,49,816 shares by its existing promoters and shareholders.

Out of the proceeds from the fresh issue, Rs 300 crore will be used on expenditure towards customer acquisition and retention, Rs 40 crore on expenditure towards the development of technology and products and Rs 17.08 crore will be used pare down, in full or in part, debt availed by the firm.

Zaggle Prepaid Ocean Services provides financial technology (fintech) products and services along with prepaid cards and has built a portfolio of software as a service (SaaS), including tax and payroll software, and a broad touchpoint reach.

The company offers fintech and SaaS products and services to corporates working in the fields of banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automobile industries. The SaaS platform is designed for business spend management (including expense management and vendor management); rewards and incentives management for employees and channel partners and gift card management for merchants, which we refer to as customer engagement management system (CEMS).

The company reported a consolidated net profit of Rs 22.90 crore and net sales of Rs 553.46 crore for the twelve months ended on 31 March 2023.

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