Zaggle Prepaid Ocean Services has raised Rs 253.52 crore from 23 anchor investors on September 13, a day before the spend management solutions company's initial public offering opens.
Morgan Stanley Asia (Singapore), Matthews Asia Funds, Neuberger Berman Emerging Markets Equity Fund, Eastspring Investments India Fund, Astorne Capital VCC - Arven, Copthall Mauritius Investment, Societe Generale, and Goldman Sachs (Singapore), and Natixis International Funds were among the marquee investors that participated in the anchor book as part of qualified institutional buyers (QIB).
Other investors such as Kotak Equity Opportunities Fund, ICICI Prudential, LIC Mutual Fund, Abakkus Diversified Alpha Fund, Turnaround Opportunities Fund, Elara India Opportunities Fund, Valuequest Scale Fund, Founders Collective Fund, and Ananta Capital Ventures Fund also invested in Zaggle via the anchor book.
Also read: Sai Silks Kalamandir IPO debuts on September 20; details here
"..... has finalised allocation of 1,54,58,515 equity shares to anchor investors at a price of Rs 164 per share," the fintech-SaaS company said in its filing to exchanges.
Out of the total allocation to the anchor investors, 37,80,630 equity shares were allocated to three domestic mutual funds through a total of 4 schemes, it added.
Zaggle Prepaid Ocean Services will open its Rs 563.38-crore public issue on September 14, which comprises a fresh issue of shares worth Rs 392 crore and an offer-for-sale (OFs) of 1,04,49,816 equity shares by eight selling shareholders.
Raj P Narayanam, Avinash Ramesh Godkhindi. VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company, Zuzu Software Services, and Koteswara Rao Meduri are the selling shareholders in the OFS.
Also read: RR Kabel IPO subscribed 25% on debut
The price band for the offer, which closes on September 18, has been set at Rs 156-164 per share.
A player in spend management with a differentiated value proposition and diversified user base, Zaggle will use net fresh issue proceeds for customer acquisition and retention at a cost of Rs 300 crore, and development of technology and products amounting to Rs 40 crore. It will also be repaying its debts of Rs 17.08 crore via fresh issue money.
Also read: Signature Global to float its IPO on Sept 20 to mop up Rs 730 crore
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
