Akash Jha
On September 13, one day before its IPO, Zaggle Prepaid Ocean Services received Rs 253.52 crore from 23 anchor investors. The money will be used to help fund the company’s expansion into new markets for its spend management solutions.
Anchor book QIBs included renowned financial institutions such as Morgan Stanley Asia (Singapore), Matthews Asia Funds, the Neuberger Berman Emerging Markets Equity Fund, the Eastspring Investments India Fund, Astorne Capital VCC – Arven, Copthall Mauritius Investment, Societe Generale, Goldman Sachs (Singapore), and Natixis International Funds.
Other funds that participated in the anchor book for Zaggle include: Kotak Equity Opportunities Fund, ICICI Prudential, LIC Mutual Fund, Abakkus Diversified Alpha Fund, Turnaround Opportunities Fund, Elara India Opportunities Fund, Valuequest Scale Fund, Founders Collective Fund, Ananta Capital Ventures Fund, and Founders Collective Fund.
The fintech-SaaS firm announced in its filing to exchanges that it “….. has finalised allocation of 1,54,58,515 equity shares to anchor investors at a price of Rs 164 per share.”
It was also revealed that a total of 37,80,630 equity shares were awarded to three domestic mutual funds through four different schemes as part of the total allocation to the anchor investors.
On September 14, Zaggle Prepaid Ocean Services will release its Rs 563.38-crore public issue, which includes a fresh issue of shares valued at Rs 392 crore and an offer-for-sale (OFS) of 1,04,49,816 equity shares by eight selling shareholders.
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Avinash Ramesh Godkhindi and Raj P. Narayanam. Koteswara Rao Meduri, Zuzu Software Services, and selling shareholders VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company, and VenturEast Proactive Fund LLC are making up the OFS.
The offer price range is between Rs 156 and Rs 164 per share, and it will end on September 18th.
Zaggle, a participant in the spend management space with a unique value proposition and broad customer base, plans to invest Rs 300 crore (about $45 million) in new customer acquisition and retention efforts, as well as Rs 40 crore (about $6 million) in research and development. New issue funds would also be used to settle the company’s debt of Rs 17.08 crore.
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