The subscription period for the Zaggle Prepaid IPO began on September 14, 2023, and it ends today, September 18, 2023. With a fresh issue of ₹392 crores and an offer to sell up to 10,449,816 equity shares at ₹1 apiece, the Zaggle Prepaid Ocean Services IPO aims to raise around ₹563 million. Retail has a 10% quota, QIB has a 75% quota, and HNI has a 15% quota. On September 22, 2023, the Zaggle Prepaid Ocean Services IPO Allotment Status is anticipated. Refunds will start on September 25, 2023, shares will be credited to demat accounts on September 26, 2023, and September 27, 2023, will be listed.
Zaggle Prepaid Ocean Services IPO Allotment Status
At 12:36 IST, data from the BSE shows that bids for 2,27,35,530 shares have been received for the Zaggle Prepaid Ocean Services IPO Allotment Status, compared to the 1,93,26,761 shares that are being offered. The retail investors’ component of the Zaggle Prepaid IPO got bids for 1,23,91,290 shares compared to the 35,57,802 shares that were on offer for this segment. Retail investors received a 3.48x subscription rate, NII received a 1.76x subscription rate, and qualified institutional buyers (QIB) received a 9% subscription for the Zaggle IPO.
In contrast to the 53,36,703 shares that were on offer for non-institutional investors in the Zaggle IPO, bids for 93,96,630 shares were submitted. In contrast to the 1,04,32,256 shares that were up for bid for this segment, 9,47,610 shares were offered for the QIB part. The offering proceeds will be used for client acquisition and retention, product and technology development, general corporate costs, and the full or partial repayment of loans taken out by the company.
Zaggle Prepaid Ocean Services IPO GMP
The grey market premium for the Zaggle IPO is +16, which is the same as the previous trading session. Zaggle Prepaid Ocean Services IPO GMP was + 16 on Monday. Zaggle’s IPO GMP on Saturday, September 16 was ₹15. The expected listing price of Zaggle shares is ₹180 per share, which is 9.76% more than the IPO price of ₹164 when taking into account the upper end of the IPO pricing band and the present premium in the grey market.
| IPO Open | September 14, 2023 |
| IPO Close | September 18, 2023 |
| IPO Size | Approx ₹563 Crores |
| Fresh Issue | Approx ₹392 Crores |
| Offer for Sale | Approx 10,449,816 Equity Shares |
| Face Value | ₹1 Per Equity Share |
| IPO price band | ₹156 to ₹164 per share |
| Retail Quota | 10% |
| QIB Quota | 75% |
| NII Quota | 15% |
| Basis of Allotment | September 22, 2023 |
| Initiation of Refunds | September 25, 2023 |
| The credit of Shares to Demat | September 26, 2023 |
| Listing Date | September 27, 2023 |
| IPO Listing on | BSE & NSE |
According to topsharebrokers.com, the Zaggle Prepaid IPO GMP was ₹0, which means that shares were selling at their ₹164 issue price in the grey market with no premium or discount. When investors are willing to pay more than the issue price, this is known as a “grey market premium.”
How to Check Zaggle Prepaid Ocean Services IPO Allotment Status?
To check the Zaggle Prepaid Ocean Services IPO allotment status, follow these steps:
- Visit the official website of the registrar or stock exchange where the IPO is listed.
- Seek out the web page’s “IPO Allotment Status” or “Check Allotment” section.
- Enter your application number or PAN card details as required.
- Submit the information, and the system will display your allotment status.
- You will see whether you have been allotted shares and the quantity allocated, or if your application has been rejected.
Zaggle Prepaid Ocean Services IPO Objects of the Issue
- Expenditure towards Customer acquisition and retention.
- Investment in the improvement of goods and services.
- The complete or partial prepayment of some outstanding borrowings by the corporation.
- General corporate purposes.
Zaggle Prepaid Ocean Services IPO Shares Offered
A public offering of 34,352,255 equity shares was made by Zaggle Prepaid Ocean Services. Retail investors can purchase 3,435,225 shares while qualifying institutional buyers can purchase 10,305,677 shares and non-institutional investors can purchase 5,152,838 shares.
- Retail Quota: 10%
- QIB Quota: 75%
- NII Quota: 15%
Zaggle Prepaid Ocean Services IPO Review
The IPO consists of a new issuance of equity shares for Rs 392 crore and a selling offer for Rs 174 crore from the promoters and a few other investors.
The promoters and promoter entities will retain about 42% of the paid-up equity after the offering. Additionally, selling stockholders will decrease their ownership by just over 8% at the same time.
The company also plans to use the money collected from the offering to pay Rs 40 crore in costs associated with product and technology development. Additionally, they want to pay off or prepay debt totaling Rs. 17.1 crore and use the remaining funds for general business needs.