Zaggle Prepaid Ocean Services IPO Fully Subscribed on Day 3, Get Details Here
The Zaggle Prepaid Ocean Services IPO garnered significant attention as it achieved full subscription by the end of its third day, driven by strong interest from retail investors. This IPO, available for subscription since Thursday, September 14, is scheduled to conclude today, Monday, September 18.
Retail Investors Show Enthusiasm:
One of the remarkable aspects of the Zaggle IPO has been the overwhelming response from retail investors, with their portion being subscribed a remarkable 3.48 times. This strong retail interest has contributed significantly to the IPO’s success.
Zaggle Prepaid Ocean Services IPO Subscription Status:
As of 12:36 IST, data from the BSE reveals that the Zaggle Prepaid Ocean Services IPO has received bids for 2,27,35,530 shares against the 1,93,26,761 shares on offer.
Retail investors have submitted bids for 1,23,91,290 shares against the 35,57,802 shares available in their segment.
Non-Institutional Investors (NII) have shown notable interest as well, with 93,96,630 shares bid against the 53,36,703 shares available.
Qualified Institutional Buyers (QIB) have displayed a substantial appetite, bidding for 9,47,610 shares against the 1,04,32,256 shares offered.
Zaggle Prepaid Ocean Services IPO Details:
The Zaggle IPO consists of two components: a fresh issue comprising shares worth ₹392 crore and an offer for sale (OFS) portion of 10,449,816 shares priced at ₹1 each, amounting to ₹171.38 crore. These shares are being sold by promoter selling shareholders Raj P Narayanam, Avinash Ramesh Godkhindi, and others. In total, the Zaggle IPO has an issue size of ₹563.38 crores.
Utilizing the Proceeds:
The company plans to allocate the net proceeds from the IPO to various aspects of its business, including customer acquisition and retention costs, product and technology development, general corporate expenses, and the repayment or prepayment of certain borrowings.
Zaggle Prepaid Ocean Services IPO Registrar:
The book running lead managers overseeing the offer are ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited, and JM Financial Limited. Kfin Technologies Ltd is serving as the offer’s registrar.
Also Read: Zaggle Prepaid Ocean Services IPO GMP Today
Zaggle Prepaid Ocean Services IPO GMP Update:
The Zaggle Prepaid Ocean Services IPO GMP stands at +16 today, mirroring the positive sentiment seen in the previous trading session. On Saturday, September 16, the GMP was ₹15. Based on the upper end of the IPO price band and the current GMP, the estimated listing price for Zaggle shares is ₹180 apiece, representing a 9.76% increase over the IPO price of ₹164.
About Zaggle Prepaid Ocean Services:
Established in 2011, Zaggle Prepaid Ocean Services Limited is a fintech firm committed to streamlining corporate expense management using advanced technology. Our expertise lies in delivering fintech and SaaS solutions to diverse industries, encompassing banking, finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automobiles.
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