11-Sep-2023
2 mins read
Zaggle Prepaid Ocean Services, a fintech-SaaS company, is set to launch its public offering on September 14, aiming to raise approximately Rs 563 crore in funds. The initial public offering consists of a new share issuance totalling Rs 392 crore by the company, along with an offer-for-sale of 1,04,49,816 equity shares by eight selling shareholders, including the promoters Raj P Narayanam and Avinash Ramesh Godkhindi.
Additional selling shareholders participating in the Offer-for-Sale (OFS) include VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company, Zuzu Software Services, and Koteswara Rao Meduri.
If we consider the offer price to be Rs 164 per share, which is the same price at which the company conducted its pre-IPO placement in August 2023, the total issue size could amount to Rs 563.38 crore. This sum comprises the fresh issue of Rs 392 crore and the Offer-for-Sale (OFS) of Rs 171.38 crore.
Zaggle Prepaid Ocean Services Limited Company Profile
Established in 2011, Zaggle Prepaid Ocean Services Limited specialises in delivering cutting-edge financial technology (fintech) solutions designed to streamline corporate expense management processes through innovative automation.
The company provides a comprehensive range of fintech and Software as a Service (SaaS) offerings tailored to corporate clients spanning various industries such as banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure, and the automobile sector. Their SaaS platform is designed to address three key areas:
(i) Business spend management, encompassing expense and vendor management.
(ii) Rewards and incentives management, targeting both employees and channel partners.
(iii) Gift card management for merchants, referred to as the customer engagement management system (CEMS).
Zaggle’s product lineup includes
Propel: A corporate SaaS platform dedicated to channel rewards and incentives, as well as employee rewards and recognition.
Save: A SaaS-based platform and mobile application facilitating expense management solutions for business spend management. It supports digitized employee reimbursements and offers tax benefits.
CEMS: A comprehensive customer engagement management system that allows merchants to efficiently oversee and enhance their customers’ experiences, including rewarding them through gift cards and loyalty benefits.
Zaggle Payroll Card: This prepaid payroll card offers a convenient alternative for paying contractors, consultants, seasonal and temporary employees, and unbanked wage workers, reducing the reliance on direct bank deposits or cash payments.
Zoyer: An integrated, data-driven, SaaS-based business spend management platform that embeds automated finance capabilities within core invoice-to-pay workflows.
Financial Performance of Zaggle Prepaid Ocean Services Limited (In Rs Crore)
| Period Ended | 31-Mar-23 |
| Assets | 234.76 |
| Revenue | 554.58 |
| Profit After Tax | 22.9 |
| Net Worth | 48.75 |
| Reserves and Surplus | 39.36 |
| Total Borrowing | 121.07 |
Important Details for Zaggle Prepaid Ocean Services Limited IPO (Tentative)
| IPO Date | September 14, 2023 to September 18, 2023 |
| Listing Date | 27-Sep-23 |
| Face Value | Re 1 per share |
| Price | Yet to be announced |
| Lot Size | Yet to be announced |
| Total Issue Size | Yet to be announced |
| Fresh Issue | Aggregating up to Rs 392.00 Cr |
| Offer for Sale | 10,449,816 shares of Re 1 |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre issue | 98,194,319 |
Timetable of Zaggle Prepaid Ocean Services Limited IPO (Tentative)
| IPO Open Date | Thursday, September 14, 2023 |
| IPO Close Date | Monday, September 18, 2023 |
| Basis of Allotment | Friday, September 22, 2023 |
| Initiation of Refunds | Monday, September 25, 2023 |
| Credit of Shares to Demat | Tuesday, September 26, 2023 |
| Listing Date | Wednesday, September 27, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 18, 2023 |
Zaggle Prepaid Ocean Services Limited IPO Reservation
| QIB Shares Offered | Not less than 75.00% of the Net offer |
| NII (HNI) Shares Offered | Not more than 15.00% of the Offer |
| Retail Shares Offered | Not more than 10.00% of the Offer |
Zaggle Prepaid Ocean Services Limited IPO Lead Manager(s)
JM Financial Limited, IIFL Securities Ltd, Equirus Capital Private Limited and ICICI Securities Limited are lead managers of the Zaggle Prepaid Ocean Services Limited IPO.
How to Apply for Zaggle Prepaid Ocean Services Limited IPO?
Wait for the public issue to open for subscription, then click on this link to apply for the Zaggle Prepaid Ocean Services Limited with Bigul https://ipo.bonanzaonline.com/.
FAQ of Zaggle Prepaid Ocean Services Limited IPO
- What is Zaggle Prepaid Ocean Services Limited IPO?
Zaggle Prepaid Ocean Services Limited is a fintech-SaaS company that specialises in financial technology solutions. Its IPO (Initial Public Offering) is the process through which the company offers its shares to the public for the first time to raise funds for various business purposes.
- When is the IPO opening and closing date?
The Zaggle Prepaid Ocean Services Limited IPO is scheduled to open for subscription on September 14, 2023, and close on September 18, 2023.
- What is the expected listing date?
The expected listing date for Zaggle Prepaid Ocean Services Limited IPO shares is September 27, 2023.
- What is the face value of the company’s shares?
The face value of Zaggle Prepaid Ocean Services Limited shares is Re 1 per share.
- What is the lot size for the IPO?
The lot size for the IPO has not been announced yet.
- Who are the lead managers for the IPO?
The lead managers for the Zaggle Prepaid Ocean Services Limited IPO are JM Financial Limited, IIFL Securities Ltd, Equirus Capital Private Limited, and ICICI Securities Limited.
- What is the price band for the IPO?
The price band for the Zaggle Prepaid Ocean Services Limited IPO has not been announced yet.