Zaggle Prepaid Ocean Services IPO Subscribed 1.18 Times as Subscription Closes

Zaggle Prepaid Ocean Services IPO Subscribed 1.18 Times as Subscription Closes

VoM News Desk | September 18, 2023 | 10:22 AM IST | Breaking News | Follow on Google News

Zaggle Prepaid Ocean Services IPO Subscribed 1.18 Times as Subscription Closes. Image/zaggle.in

Strong Interest from Retail Investors

As the subscription period for the Zaggle Prepaid Ocean Services IPO draws to a close, the IPO has received notable attention from investors. The IPO, which opened for subscription on Thursday, September 14, is set to close today, Monday, September 18. So far, it has been subscribed 1.18 times.

Subscription Status Breakdown

Retail investors have shown strong interest in the Zaggle IPO, with their portion being subscribed 3.48 times. Non-Institutional Investors (NII) have subscribed 1.76 times, while the Qualified Institutional Buyers (QIB) portion has seen a subscription of 9%.

Detailed Subscription Status

As of 12:36 IST, Zaggle Prepaid Ocean Services IPO has garnered bids for 2,27,35,530 shares against the 1,93,26,761 shares on offer, according to BSE data. In the retail investors’ segment, bids have been received for 1,23,91,290 shares against the 35,57,802 shares available. Non-institutional investors have bid for 93,96,630 shares against 53,36,703 shares on offer. The QIB portion has received bids for 9,47,610 shares against the 1,04,32,256 shares available.

IPO Details and Utilization of Funds

The Zaggle IPO comprises a fresh issue of shares worth ₹392 crore and an offer for sale (OFS) portion consisting of 10,449,816 shares of ₹1 each, amounting to ₹171.38 crore. The OFS includes shares sold by promoter selling shareholder Raj P Narayanam, Avinash Ramesh Godkhindi, and other selling shareholders. The total issue size for the Zaggle IPO is ₹563.38 crores. The net proceeds from the offering will be utilized for customer acquisition and retention costs, product and technology development expenses, general corporate expenditures, and the repayment or prepayment of certain borrowings.

Book Running Lead Managers and Registrar

ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited, and JM Financial Limited are the book running lead managers for the IPO. Kfin Technologies Ltd serves as the registrar for the offer.

Grey Market Premium (GMP)

The grey market premium (GMP) for the Zaggle IPO stands at +16, similar to the previous trading session. This indicates that shares are trading at a premium of ₹16 in the grey market. Considering the upper end of the IPO price band, the estimated listing price for Zaggle shares is ₹180 apiece, representing a 9.76% premium over the IPO price of ₹164. The GMP reflects investors’ willingness to pay more than the issue price for Zaggle shares.

The Zaggle Prepaid Ocean Services IPO has generated significant interest, especially from retail investors, and its subscription status and grey market premium suggest a positive reception in the market.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.