Akash Jha
Zaggle Prepaid Ocean Services Ltd, a provider of financial technology and software as a service, has established a price range of Rs 156 to Rs 164 per share for its initial public offering, which will be available for purchase beginning on September 14. The offer period for anchor investors will begin on September 13 and end on September 18.
Shares will be placed on exchanges on September 27 once the basis of allotment is finalized on September 22 and refunds are initiated on September 25.
A total of 10.45 million shares are being offered for sale by eight selling shareholders, including promoters Raj P Narayanam and Avinash Ramesh Godkhindi, as part of the initial public offering (IPO), which also includes a fresh issue of shares by the business valued at Rs 392 crore. Other selling stockholders in the OFS include VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company, Zuzu Software Services, and Koteswara Rao Meduri.
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The company’s valuation is currently at Rs 2,000 crore, and it expects to raise up to Rs 564 crore through its IPO at the high end of its pricing range.
The net fresh issue proceeds of Rs 300 crore and the development of technology and products amounting to Rs 40 crore will be used by Zaggle, a leading player in spend management with a differentiated value proposition and diversified user base, in the three fiscal years FY24 to FY26.
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The company will use the proceeds of the latest offer to settle its obligations totaling Rs 17,08 crore, with the remainder going toward operational expenses.
Its total borrowings as of March 2023 were Rs 90.03 crore. Merchant bankers for the issuance include ICICI Securities, Equirus Capital, IIFL Securities, and JM Financial, with KFin Technologies acting as the issue’s registrar.
