Zaggle files preliminary papers with SEBI to mobilise funds via IPO

Zaggle files preliminary papers with SEBI to mobilise funds via IPO


Zaggle Prepaid Ocean Services Ltd has filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering (IPO), news agency PTI has reported on 20 December.

According to the draft red herring prospectus (DRHP) viewed by PTI, the IPO (initial public offering) comprises fresh issue of equity shares worth 490 crore and an offer for sale (OFS) component of 1.05 crore stocks by promoters, investors and other shareholders.

As per report, those offering shares in the OFS include promoters Raj P Narayanam and Avinash Ramesh Godkhindi and investors VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, and Ventureast Trustee Company.

Proceeds from the fresh issue would be utilised towards customer acquisition and retention, development of technology and products, payment of debt and for general corporate purposes.

The company was founded in 2011. It operates in the business-to-business-to-customer segment. It has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (through SaaS). It offers digitized solutions for employee tax benefits, expense management, corporate gifting and rewards and recognition programmes.

The company has 1,896 customers and 19.82 lakh users as of June-end.

ICICI Securities, Equirus Capital, IIFL Securities and JM Financial have been appointed as merchant bankers to manage the IPO. The equity shares of the company will be listed on the BSE and NSE. 

(With inputs from PTI)

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