Zaggle Prepaid Ocean Services IPO opens with a price band of Rs 156-164 per share

Zaggle IPO opens: Zaggle Prepaid Ocean Services share sale via initial public offering (IPO) began today after raising Rs 253.52 crore from 23 anchor investors on Wednesday. 

Morgan Stanley Asia (Singapore), Matthews Asia Funds, Neuberger Berman Emerging Markets Equity Fund, Eastspring Investments India Fund, Astorne Capital VCC - Arven, Copthall Mauritius Investment, Societe Generale, and Goldman Sachs (Singapore), and Natixis International Funds were among the major investors that took part in the anchor book as part of qualified institutional buyers (QIB).

Other investors including 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, and Ananta Capital Ventures Fund also invested in Zaggle via the anchor book.

The price band for the Zaggle shares in the IPO which closes on September 18, has been set at Rs 156-164 per share. 

Funds to increase customer acquisition

Zaggle will use proceeds from IPO for expenditure towards customer acquisition and retention. Other than that, the investments will also be used towards the development of technology and products, repayment of borrowing, in full or part, availed by the company and for general corporate affairs. 

ICICI Securities, Equirus Capital, IIFL Securities and JM Financial are the book-running lead managers for the IPO while Kfin Technologies is the registrar for Zaggle Prepaid IPO.

Zaggle Prepaid Ocean Services Limited is a FinTech startup with products and services dedicated to automating corporate business expenses through innovative workflows. 

Zaggle 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.