Zaggle’s Rs 564 crore-IPO opens on September 14: Know details

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NEW DELHI: Zaggle Pay as you go Ocean Providers, a outstanding participant within the fintech sector, has introduced the pricing vary for its upcoming preliminary public providing (IPO) at Rs 156-164 per share, marking a considerable premium of 156-164 occasions the face worth of its shares.
The IPO, scheduled to open on September 14, contains a mixture of contemporary fairness shares valued at as much as Rs 392 crore and a proposal on the market (OFS) by its promoters and choose exterior traders, amounting to Rs 174 crore.
Upon completion of the IPO, the promoter and promoter entities will collectively retain roughly 42 p.c of the paid-up fairness, whereas current promoting shareholders will collectively cut back their holdings by barely over 8 p.c.
Within the OFS section, Founder and Chairman Raj P Narayanam will divest a minimal 0.02 p.c of his 44 p.c stake, and Avinash Ramesh Godkhindi, one other promoter who serves because the Managing Director, may also half with an equal stake.
Exterior investor VenturEast Proactive Fund plans to promote 2.17 p.c, whereas GKFF Ventures will divest solely 0.02 p.c. As well as, VenturEast Sedco Proactive Fund goals to promote 1.72 p.c, VenturEast Trustee Firm will divest 3.78 p.c, and particular person investor Koteshwara Rao Meduri plans to pare 0.02 p.c of their holdings.
Previous to the IPO, international funds and non-family shareholders collectively accounted for 15 p.c of the corporate, as said by Chairman Raj Narayanam.
In FY22, the corporate reported revenues of Rs 370 crore, leading to a internet revenue of Rs 40 crore. FY23 noticed a considerable enhance in income to Rs 550 crore, with a internet revenue of Rs 23 crore, partly attributable to extra bills associated to the worker inventory possibility plan, in keeping with Avinash Ramesh Godkhindi. He additionally famous that almost all of the corporate’s income is derived from exterior business channels, with the rest coming from worker channels.
Regardless of being a B2B-focused entity, Zaggle Pay as you go Ocean Providers allocates a good portion of the IPO proceeds, round Rs 300 crore, for buyer acquisition and retention, highlighting its dedication to increasing its market presence.
The corporate additionally intends to make the most of the funds raised by means of the IPO for know-how and product growth (Rs 40 crore), debt reimbursement/prepayment (Rs 17.1 crore), and normal company functions.
Main book-running managers for the IPO embody ICICI Securities, Equirus Capital, IIFL Securities, and JM Monetary.
(With inputs from PTI)

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