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Complete IPO details, including price band, financials, subscription status, and key insights.
Participate in the Zaggle Prepaid Ocean Services Ltd IPO with full transparency. Review issue details, company fundamentals, and financial performance, and apply securely through Alice Blue.
Key metrics and details at a glance.
Price Band
₹164
Per ShareLot Size
90 Shares
Minimum Investment
₹14,760
Issue Size
₹563.38 Cr
Face Value
₹1
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
Important dates for your applying strategy.
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
57.91%
Issue Type
Book Building
ISIN
INE07K301024
Incorporated in 2011, the company operates in the business-to-business-to-customer segment where it interacts and interfaces with its Customers (i.e., businesses) and end Users (i.e., employees) and are among a small number of uniquely positioned players with a diversified offering of fintech products and services, having one of the largest number of issued prepaid cards in India in partnership with certain of our banking partners (which constituted approximately 16.0% of India's total prepaid transaction volume, as of March 31, 2023), a diversified portfolio of SaaS, including tax and payroll software, and a wide touchpoint reach. The Company 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. It offers a differentiated value proposition and diversified user base.
India's fintech ecosystem has grown rapidly and its market revenue is estimated to reach approximately Rs.8,341.0 billion in Fiscal 2027 as a result of supporting government policies which have fostered a cashless society and rising investments. India had the 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 grew six-fold from 2018 to 2021. In Fiscal 2022, UPI was expected to account for 86.0% of all consumer payments and digital payments from consumers to merchants were expected to reach 1,575.0% growth in 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 Rs. 200 billion by Fiscal 2027, with the share of outsourced spend management estimated to be around 60.0% during that period.
Revenue, profit after tax and total assets across the last 3 reported financial years.
Amount in ₹ crore
How the company plans to utilize IPO proceeds.
The funds raised through this IPO will be used for:
Initial public offer of 34,352,255* equity shares bearing face value of Re. 1 each ("Equity Shares") of Zaggle Prepaid Ocean Services Limited (The "Company" or the "Company" or the "Issuer") for cash at a price of Rs. 164 per equity share (including a premium of Rs. 163 per equity share) (the "Offer Price") aggregating to Rs. 563.38* crores (the "Offer") comprising a fresh issue of 23,902,439* equity shares by the company aggregating to Rs. 392.00* crores (the "Fresh Issue") and an offer for sale of 10,449,816* equity shares aggregating to Rs. 171.38* crores (the "Offer for Sale"), comprising 1,529,677* equity shares aggregating to Rs. 25.09 crores by Raj P Narayanam and 1,529,677* equity shares aggregating to Rs. 25.09* crores by Avinash Ramesh Godkhindi (together referred to as the "Promoter Selling Shareholders"), 2,830,499* equity shares aggregating to Rs. 46.42* crores by Ventureast Proactive Fund llc, 2,046,026* equity shares aggregating to Rs. 33.56* crores by GKFF Ventures, 538,557* equity shares aggregating to Rs. 8.83* crores by Ventureast Sedco Proactive fund llc and 118,040* equity shares aggregating to Rs. 1.94* crores by Ventureast Trustee Company Private Limited (acting on behalf of ventureast proactive fund) (collectively referred to as the "Investor Selling Shareholders"), 1,765,540* equity shares aggregating to Rs. 28.96* crores by Zuzu Software Services Private Limited (referred to as the "Corporate Selling Shareholder") and 91,800* equity shares aggregating to Rs. 1.51* crores by Koteswara Rao Meduri (the "Individual Selling Shareholder" and together with the promoter selling shareholders, investor selling shareholders and corporate selling shareholder are referred to as the "Selling Shareholders", and such equity shares cumulatively offered by the selling shareholders, the "Offered Shares"). The offer constituted 28.14%* of the post-offer paid-up equity share capital of the company. The company, in consultation with the book running lead managers, has undertaken a pre-ipo placement of 4,451,219 equity shares and 1,524,390 equity shares at an issue price of Rs. 164 per equity share (including a premium of Rs. 163 per equity share) for a cash consideration aggregating to Rs. 73.00 crores and Rs. 25.00 crores, on August 16, 2023 and August 21, 2023, respectively. The size of the fresh issue has been reduced by Rs. 98.00 crores and, accordingly, the size of the fresh issue is aggregating to Rs. 392.00 crores. The offer price is Rs. 164 per equity share and the offer price is 164 times the face value of the equity shares. *Subject to finalisation of the basis of allotment.
Key competitive advantages and factors to consider before investing.
Live demand across investor categories.
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*Real-time data subject to exchange updates
Zaggle Prepaid Ocean Services Limited was incorporated as `Zaggle Prepaid Ocean Services Private Limited' at Hyderabad as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated June 2, 2011 issued by the Registrar of Companies, Andhra Pradesh at Hyderabad. Subsequently, the Company was converted into a public limited company under the Companies Act, 2013, pursuant to a special resolution passed by its Shareholders at the EGM held on August 22, 2022 and consequently, the name of the Company was changed to `Zaggle Prepaid Ocean Services Limited' and a fresh certificate of incorporation dated September 13, 2022 was issued by the Registrar of Companies, Telangana at Hyderabad (the "RoC").
Wholesalers and Retailers
Amount in ₹ crore
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
*Subject to approvals and market conditions.