Zaggle Prepaid Ocean Services IPO Update:
Zaggle Prepaid Ocean Services Limited IPO: Mumbai based Zaggle Prepaid Ocean Services Limited established in the year 2011 and is into Technology - Fintech sector.
Company is promoted by Raj P Narayanam and Avinash Ramesh Godkhindi. Pre-Offer Promoter and Promoter group stake in the company is 57.91%.
Zaggle Prepaid Ocean Services Limited has filed Red Herring Prospectus (RHP) for proposed initial public offer (IPO). Total issue size is INR 663 Crores calculated on upper price band (face value of INR 1 per share) via initial public offering.
Initial Public Offer comprising of a Fresh Issue aggregating up to Rs. 392 crores and an Offer for Sale up to 10,449,816 Equity Shares.. ICICI Securities, Equirus Capital, IIFL Securities, JM Financial have been appointed as lead merchant bankers for the proposed IPO. It has appointed KFin Technologies Ltd. as Registrar and Share transfer Agent.
Details about upcoming IPO:
As per the details available in RHP, Price band is Rs 156 to Rs 164 with lot size of 90 shares and in multiples thereof. Objects of the issue is 1) Expenditure towards Customer acquisition and retention amounting to Rs. 300 crores., 2) Expenditure towards development of technology and products Rs. 40 crores, 3) Repayment/ pre-payment of certain borrowings, in full or part, availed by the company amounting to Rs. 17.08 crores.., and 4) General corporate purposes.
IPO Dates:
IPO will open on September 14, 2023 and close on September 14, 2023. Tentative date of listing on stock exchanges is September 27, 2023
About Industry:
India’s fintech ecosystem has grown rapidly and its market revenue is estimated to reach approximately ₹8,341.0 billion in Fiscal 2027 as a result of supporting government policieswhich have fostered a cashless society andrising investments. India hadthe highest fintech adoption rate of 87.0%in Fiscal 2023,compared to other countries. India has the fastest-growing digital payments industry in the world, with a five-fold increase in contactless payments from 2016 to 2021 and the number of businesses accepting contactless payments grewsix-fold from 2018 to 2021. In Fiscal 2022, UPI was expected to account for 86.0% of all consumer paymentsand digital payments from consumers to merchants were expected to reach 1,575.0%growthin Fiscal 2022. India’s digital payments industry is expected to grow at a CAGR of approximately 22.0% from 2023 to 2027. The overall market for spend management software and services (in-house and outsourced; including procurement management, expense management, and payroll management) was estimated to surpass₹200billion by Fiscal 2027, with the share of outsourced spend management estimated to bearound 60.0% during thatperiod (Source: Frost & Sullivan Report).
Want to know more details about the IPO, please visit here Zaggle Prepaid Ocean Services Limited
Source: SEBI, BSE, NSE, DRHP, Zaggle Prepaid Ocean Services, Industry Data
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