Zaggle Prepaid Ocean Services IPO to open for subscription on September 14.

Zaggle Prepaid Ocean Services IPO to open for subscription on September 14th 

Price band : RS.156- 164 per equity share

posted by: NILESH WAGHELA 

Mumbai: Zaggle Prepaid Ocean Services Ltd is all set to open for subscription on Thursday. The three-day long initial public offering (IPO) will conclude on September 18. The bidding for anchor investors will open on September 13. It will open for retail investors on September 14, said the red herring prospectus (RHP) filed on Friday.

The fintech player has revised the size of its fresh issue to ₹392 crore from ₹490 crore after performing a pre-IPO placement in two tranches in August and raising ₹98 crore from investors. Now, the size of the fresh issue is reduced to ₹392 crore.

The company's offer for sale (OFS) component was reduced from 1.05 crore equity shares to 1.04 crore shares after one of its selling shareholders exited the issue, according to the RHP.

The OFS of Zaggle consists of up to 1.04 crore equity shares held by promoters -- Raj P Narayanam and Avinash Ramesh Godkhindi.

Other than the promoters shareholder, company shares are also owned by VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company, Zuzu Software Services Pvt Ltd and Koteswara Rao Meduri are the other selling shareholders.

The company was established in 2011. It operates in the business-to-customer segment. It has created a market niche in India by offfering a combined solution for spend management through prepaid cards and employee management. The equity shares of the firm will be listed on the BSE and NSE.

ICICI Securities Ltd, Equirus Capital Private Ltd, IIFL Securities Ltd and JM Financial Ltd are the book-running lead managers to the issue.