IPO Corner: Zaggle Prepaid Ocean Services Limited

Zaggle Prepaid Ocean Services Limited, shall open its initial public offering of Equity Shares on Thursday, September 14, 2023. The initial public offering comprises of a fresh issue of Equity Shares aggregating up to ₹ 3,920 million and an offer for sale up to 10,449,816 Equity Shares by Selling Shareholders. The Anchor Investor Bidding Date shall be Wednesday, September 13, 2023.  The Offer will open on Thursday, September 14, 2023 for subscription and will close on Monday, September 18, 2023.

• Issue Opens on: Thursday, September 14, 2023
• Issue Closes on: Monday, September 18, 2023
• Face Value: ₹ 1 per equity share
• Fixed Price Band: ₹156 to ₹164 per Equity Share
• Market Lot Size: 90 Equity Shares

The Price Band of the Offer has been fixed at ₹ 156 to ₹ 164 per Equity Share. Bids can be made for a minimum of 90 Equity Shares and in multiples of 90 Equity Shares thereafter. The Company proposes to utilize the proceeds raised through the Fresh Issue towards Expenditure towards Customer acquisition and retention amounting to ₹ 3,000 million; Expenditure towards development of technology and products amounting to ₹ 400 million; Repayment or prepayment of certain borrowings, in full or part, availed by the Company amounting to ₹170.83 million; and balance amount towards general corporate purposes provided that the amount utilized for general corporate purposes shall not exceed  25% of the gross proceeds from the Fresh Issue.

The Offer for Sale comprises of up to 1,529,677 Equity Shares by Raj P Narayanam, up to 1,529,677 Equity Shares by Avinash Ramesh Godkhindi, up to 2,830,499 Equity Shares by VenturEast Proactive Fund LLC, up to 2,046,026 Equity Shares by GKFF Ventures, up to 538,557 Equity Shares by VenturEast SEDCO Proactive Fund LLC, up to 118,040 Equity Shares by Ventureast Trustee Company Private Limited up to 1,765,540 Equity Shares by Zuzu Software Services Private Limited and  up to 91,800 Equity Shares by Koteswara Rao Meduri.

The Equity Shares are being offered through the Red Herring Prospectus dated September 8, 2023, and are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited. For the purposes of the Offer, NSE is the Designated Stock Exchange.

The Offer is being made through the Book Building Process. ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited and JM Financial Limited are the book running lead managers to the Offer.