Incorporated in 2011, Zaggle Prepaid Ocean Services Limited provides financial technology (fintech) products and services to manage corporate business expenses through automated and innovative workflows.
The company offers fintech and SaaS products and services to corporates working in the fields of banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automobile industries. The SaaS platform is designed for: (i) business spend management (including expense management and vendor management); (ii) rewards and incentives management for employees and channel partners; and (iii) gift card management for merchants, which we refer to as customer engagement management system (CEMS).
Zaggle’s product portfolio includes:
- Propel: a corporate SaaS platform for channel rewards and incentives, employee rewards and recognition
- Save: a SaaS-based platform and a mobile application that offers expense management solutions for business spend management facilitating digitized employee reimbursements and tax benefits.
- CEMS: a customer engagement management system that enables merchants to comprehensively manage their customer experiences including rewarding merchants through gift card and loyalty benefits.
- Zaggle Payroll Card: a prepaid payroll card that allows customers to pay contractors, consultants, seasonal and temporary employees, and unbanked wage workers as an alternative to direct deposits to bank accounts or cash payments.
- Zoyer: an integrated data-driven, SaaS-based business spend management platform with embedded automated finance capabilities in core invoice-to-pay workflows.
Zaggle Prepaid Ocean Services’ clientele includes companies like TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, Wockhardt, MAZDA, PCBL (RP Sanjiv Goenka Group), Hiranandani Group, Cotiviti, Greenply Industries, and so on.
As of fiscal 2023, the company has over 250 employees, 7 offices across India, more than 1750 customers, and over 1.7 million end users.
Zaggle Prepaid Ocean Services IPO Details
Zaggle Prepaid Ocean Services IPO is a Book Built Issue. The IPO total issue size is Rs 563.38 Cr. The Zaggle Prepaid Ocean Services IPO price is ₹156 to ₹164 per share. The IPO will list on BSE, NSE.
| IPO Date | September 14, 2023 to September 18, 2023 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Price | ₹156 to ₹164 per share |
| Lot Size | 90 Shares |
| Total Issue Size | 34,352,255 shares (aggregating up to ₹563.38 Cr) |
| Fresh Issue | 23,902,439 shares (aggregating up to ₹392.00 Cr) |
| Offer for Sale | 10,449,816 shares of ₹1 (aggregating up to ₹171.38 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 98,194,319 |
| Share holding post issue | 122,096,758 |
Zaggle Prepaid Ocean Services IPO Reservation
| QIB Shares Offered | Not less than 75.00% of the Net offer |
| NII (HNI) Shares Offered | Not more than 15.00% of the Offer |
| Retail Shares Offered | Not more than 10.00% of the Offer |
Zaggle Prepaid Ocean Services IPO Timetable (Tentative)
Zaggle Prepaid Ocean Services IPO opens on September 14, 2023, and closes on September 18, 2023.
| IPO Open Date | Thursday, September 14, 2023 |
| IPO Close Date | Monday, September 18, 2023 |
| Basis of Allotment | Friday, September 22, 2023 |
| Initiation of Refunds | Monday, September 25, 2023 |
| Credit of Shares to Demat | Tuesday, September 26, 2023 |
| Listing Date | Wednesday, September 27, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 18, 2023 |
Zaggle Prepaid Ocean Services IPO Lot Size
The minimum lot size of this Zaggle Prepaid Ocean Services IPO is 90 shares required is ₹14,760.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 90 | ₹14,760 |
| Retail (Max) | 13 | 1170 | ₹191,880 |
| S-HNI (Min) | 14 | 1,260 | ₹206,640 |
| S-HNI (Max) | 67 | 6,030 | ₹988,920 |
| B-HNI (Min) | 68 | 6,120 | ₹1,003,680 |
| Lot Size Calculator |
Zaggle Prepaid Ocean Services IPO Promoter Holding
Mr. Raj P Narayanam and Mr. Avinash Ramesh Godkhindi are the promoters of the company.
| Pre Issue Share Holding | 57.91% |
| Post Issue Share Holding |
Company Financials
| Period Ended | 31 Mar 2023 |
| Assets | 234.76 |
| Revenue | 554.58 |
| Profit After Tax | 22.90 |
| Net Worth | 48.75 |
| Reserves and Surplus | 39.36 |
| Total Borrowing | 121.07 |
Amount in ₹ Crore
Key Performance Indicator
Zaggle Prepaid Ocean Services IPO Market Cap is Rs 2002 Cr and P/E (x) is 66.67.
| KPI | Values |
|---|---|
| P/E (x) | 66.67 |
| Market Cap (₹ Cr.) | 2002 |
| ROE | 46.98% |
| Debt/Equity | 2.48 |
| EPS (Rs) | 2.46 |
| RoNW | 46.98% |
Check Zaggle Prepaid Ocean Services IPO Peer Comparison here.
Objects of the Issue
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
- Expenditure towards Customer acquisition and retention.
- Expenditure towards the development of technology and products.
- Repayment/ pre-payment of certain borrowings, in full or part, availed by the company.
- General corporate purposes.
Zaggle Prepaid Ocean Services IPO Review (May apply)
[Dilip Davda] The company is a unique player in fintech products and related services with vide portfolio of offerings. Though the IPO appears greedily priced, the company is trying to encase the premium for its unique business model. However, well-informed investors may park funds for the medium to long-term rewards. Read detail review…
Zaggle Prepaid Ocean Services IPO Prospectus
Company Contact Information
Zaggle Prepaid Ocean Services Limited
301, III Floor, CSR Estate, Plot No.8,
Sector 1, HUDA Techno Enclave, Madhapur Main Road,
Hyderabad, Rangareddi – 500 081
Phone: +91 40 2311 9049
Email: haripriya.singh@zaggle.in
Website: https://www.zaggle.in/
Zaggle Prepaid Ocean Services IPO Registrar
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: zaggle.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/