Zaggle Prepaid Ocean Services collects over ₹253 crore from anchor investors
Fintech player Zaggle Prepaid Ocean Services Limited raises Rs. 253.52 Crore from 23 anchor investors at the upper price band of Rs. 164 per equity share. Zaggle Prepaid Ocean Services Ltd, has allotted 15,458,515 Equity Shares to 23 anchor investors and raised ₹ 253.52 crore ahead of company’s proposed IPO at the upper price band of ₹ 164 per equity share (including premium of ₹ 163 per equity shares) with face value of ₹ 1 per share.
Out of the total allocation of 15,458,515 equity shares to the Anchor Investors, 3,780,630 Equity Shares (i.e. 24.46% of the total allocation to the Anchor Investors) were allocated to 3 domestic mutual funds through a total of 4 schemes.
Porminent Institutional investors included domestic mutual funds like LIC MF, ICICI MF, Kotak MF and international funds like Morgan Stanley Asia(Singapore), Societe Generale, Goldman Sachs (Singapore) .
In addition, marquee investors such as East spring, Abakkus, MK ventures (Madhu Kela), Ashish Kacholia, IIFL, Valuequest, Loomis and Mathews Asia* particpated in the anchor book process .
Zaggle Prepaid Ocean Services on Monday set the price band for its ₹564 crore-initial share sale at ₹156-164 apiece, a hefty 156-164 times of the face value of its shares.
The initial public offering (IPO), which is opening on September 14, comprises a fresh issue of equity shares up to ₹392 crore and an offer for sale (OFS) by promoters and a few external investors aggregating up to ₹174 crore.
Post-issue the promoter/promoter entities will hold around 42 per cent of the paid up equity, while selling shareholders will collectively pare their holdings by a tad over 8 per cent.
Through the OFS, the founder and chairman Raj P Narayanam will sell just 0.02 per cent from his 44 per cent holding. Another promoter Avinash Ramesh Godkhindi, who is also the managing director of the city-based firm, will sell an equal amount of stake. External investor VenturEast Proactive Fund will sell a 2.17 per cent, while another external investor GKFF Ventures will pare only 0.02 per cent. Besides, VenturEast Sedco Proactive Fund will sell 1.72 per cent, VenturEast Trustee Company will sell 3.78 per cent, and Koteshwara Rao Meduri, an individual investor, will pare 0.02 per cent.
The company also proposes to use the proceeds from the issue for expenditure towards development of technology and products amounting to ₹40 crore, repayment/ prepayment debt worth ₹17.1 crore, and the rest for general corporate purposes.
ICICI Securities, Equirus Capital, IIFL Securities and JM Financial are the book running lead managers to the offer.
*With Agency Inputs
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Updated: 13 Sep 2023, 10:31 PM IST
