Mr. Raj P. Narayanam, Executive Chairman, Zaggle Prepaid Ocean Services Limited at the Zaggle IPO Listing at NSE – Photo By GPN
L-R: Mr. AshishKumar Chauhan, MD & CEO, NSE India with Mr. Avinash Ramesh Godkhindi, Managing Director & CEO, Zaggle Prepaid Ocean Services Limited and Mr. Raj P. Narayanam, Executive Chairman, Zaggle Prepaid Ocean Services Limited at the Zaggle IPO Listing and Bell Ringing Ceremony at NSE – Photo By GPN
Zaggle Prepaid Ocean Services makes a debut today, Friday 22 September, 2023 at BSE and NSE.
MUMBAI, 22 SEPTEMBER, 2023 (GPN): SaaS-based fintech platform, Zaggle Prepaid Ocean Services made a tepid debut at BSE on Dalal Street today Friday, 22 September. Zaggle Prepaid shares were listed at Rs. 162 apiece on the BSE, a discount of 1.22% to the issue price of Rs. 164 per share.
Zaggle Prepaid share price opened at Rs. 164 a piece on NSE.Zaggle Prepaid IPO received strong response from investors during the IPO subscription for the public from September 14 to September 18.
The public issue was subscribed 12.86 times in total. Zaggle IPO was subscribed 6.15 times in the retail category, 16.94 times in the Qualified Institutional Investors’ (QIB) category, and 9.16 times in the Non-Institutional Investors’ (NII) category.The company raised Rs. 563.38 crore from the public issue. The IPO price band was fixed at Rs. 156-164 per share. The IPO lot size was 90 shares.Zaggle IPO comprised a fresh issue of shares worth Rs. 392 crore and an offer-for-sale (OFS) of 1.04 crore shares worth Rs. 171.38 crore by selling shareholders, including promoters.
Zaggle Prepaid Ocean Services provides financial technology (fintech) products and services to manage corporate business expenses through automated and innovative workflows.Avinash Gorakshkar, Head of Research at Profitmart Securities said that the company is in the fintech business and it is a profitable company. Hence, long term investors can hold the stock after listing.The company offers fintech and SaaS products and services to corporates in banking and finance, technology, healthcare, manufacturing, fmcg infrastructure, and automobile industries.Ends
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.
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