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As Zaggle gets set for its IPO, founder Raj P Narayanam insists that IPO is just like a new beginning for Zaggle and not a destination

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 IPO comprises a fresh issue of equity shares up to Rs 392 crore and an offer for sale (OFS) component of up to 1.04 crore shares by promoters and a few external investors.

Zaggle operates in the B2B2C segment and is amongst a small number of uniquely positioned players with a diversified offering of financial technology products and services. The company provides offerings to customers and users that include employees, channel partners and customers, while collaborating with merchants, banks and NBFCs, providing a strong value proposition to each stakeholder.

Ahead of the issue opening, SAMHI Hotels shares are commanding a premium of Rs 35 in the unlisted market, while the GMP of Zaggle Prepaid is around Rs 40.

Equity investors are gearing up for another public offer that is ready to hit the Indian markets this week the Zaggle Prepaid Ocean IPO (initial public offering).

Zaggle Prepaid Ocean Services IPO will open for subscription on September 14, to raise Rs 563.38 crore.

Zaggle’s IPO comprises a fresh share issue of INR 392 Cr as well as an offer for sale (OFS) element of 10.5 Mn shares.

The finalisation of basis of allotment will be done on September 22, initiation of refunds will be on September 25 and the shares will be listed on exchanges on September 27.

The company received approval from markets regulator Sebi to launch an IPO in April. The company has received a final observation letter for its public offer. In Sebis parlance, an observation letter is equivalent to an approval for the public issue.