Zaggle Prepaid Ocean Services IPO Lists on Dalal Street at ₹162 Per Share

Zaggle Prepaid Ocean Services IPO Lists on Dalal Street at ₹162 Per Share

VoM News Desk | September 22, 2023 | 05:50 AM IST | Breaking News | Follow on Google News

Zaggle Prepaid Ocean Services IPO Lists on Dalal Street at ₹162 Per Share

Zaggle Prepaid Ocean Services IPO Debut

Zaggle Prepaid Ocean Services, a SaaS-based fintech platform, made its debut on Dalal Street with a modest start. The company’s shares were listed on the BSE at ₹162 apiece, which marked a slight discount of 1.22% compared to the issue price of ₹164 per share. On the NSE, Zaggle Prepaid’s share price opened at ₹164 per share.

Investor Response During IPO

During the IPO subscription period from September 14 to September 18, the Zaggle Prepaid IPO garnered significant interest from investors. The public issue received an overall subscription of 12.86 times. Notably, the retail category was subscribed 6.15 times, while the Qualified Institutional Investors’ (QIB) category saw an impressive subscription of 16.94 times. The Non-Institutional Investors’ (NII) category also displayed strong demand, with a subscription rate of 9.16 times. In total, the company raised ₹563.38 crore through the public issue.

Zaggle Prepaid Ocean Services IPO Subscribed 1.18 Times as Subscription Closes

IPO Details

The IPO was offered in the price band of ₹156 to ₹164 per share, with a lot size of 90 shares. Zaggle Prepaid’s IPO comprised a fresh issue of shares valued at ₹392 crore and an offer-for-sale (OFS) of 1.04 crore shares worth ₹171.38 crore, including shares from selling shareholders and promoters.

Zaggle Prepaid’s Fintech Services

Zaggle Prepaid Ocean Services specializes in providing financial technology (fintech) products and services designed to manage corporate business expenses through automated and innovative workflows. These services cater to a wide range of industries, including banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure, and the automobile sector.

Zaggle’s IPO Subscription Opens: Fintech Player Eyes Investment Inflows

Analyst’s Perspective

Avinash Gorakshkar, Head of Research at Profitmart Securities, expressed that Zaggle Prepaid Ocean Services operates profitably in the fintech sector. As such, he suggested that long-term investors may consider holding the stock after its listing.

VoM News Desk

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