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“It is a leading player in spend management, with more than 50 million prepaid cards issued in partnership with banking partners and more than 2.27 million users served, as of March 31, 2023,” HDFC Securities said.
Zaggle Prepaid Ocean Services IPO will open for subscription on September 14, to raise Rs 563.38 crore.
The rest of the startups -- 17 of them -- raised only $46 million. They were fairly distributed among sectors of ecommerce, software-as-a-service and healthtech.
Zaggle plans to raise around Rs 663 crore via initial public offering. We have taken the current issue price of Rs 164 per share as a base for calculation of total issue size.
In a public statement on Tuesday, Zaggle said that it issued 15,24,390 equity shares to ValueQuest at a price of Rs 164 apiece. Zaggle filed its draft papers with capital markets regulator Sebi in December 2022 to raise funds through an IPO.