The initial public offering (IPO) of fintech company Zaggle Prepaid Ocean Services Ltd was subscribed 12.57 times on the last day of subscription on Monday.
According to data provided by NSE, the maiden share sale received bids for 24,28,83,090 shares while 1,93,26,761 shares were on offer.
The subscription multiple for the Qualified Institutional Investor (QIB) category is 16.73 times and the subscription multiple for the non-institutional investor category is 8.85 times.
Retail investors subscribed 5.94 times the quota.
The IPO saw the issuance of new shares of up to Rs 392 crore and the sale of up to 10,449,816 shares. The price range for the company’s IPO is Rs 156-164 per share.
Zaggle Prepaid Ocean Services on Wednesday said it raised Rs 253.52 crore from major investors.
The company proposed to use Rs 300 crore of the net proceeds for customer acquisition and retention expenses, up to Rs 40 crore for technology and product development expenses and up to Rs 17.08 crore for full or partial reduction of debt leveraged by the company.
“Founded in 2011, the company has created a market niche in the country by providing a portfolio of spend management solutions through prepaid cards and employee management (via SaaS),” the company said.
ICICI Securities, Equirus Capital, IIFL Securities and JM Financial are the managers of the offer.
The company’s equity will be listed on BSE and NSE.