Zaggle Prepaid Ocean Services, and Samhi Hotels are going to list their shares on the bourses in T+3 timeline, i.e. September 22, which indicated that the companies are gradually moving into new IPO listing timeline announced by the Sebi.
The implementation of new timeline T+3 against earlier T+6 timeline is voluntary for companies launching IPO since September 1, but it will be compulsory for all IPOs opening with effect from December 1, 2023.
Till now, stainless steel-based products maker Ratnaveer Precision Engineering listed in the T+3 timeline on September 11, while Gujarat-based wires and cables manufacturer RR Kabel made its listing in T+2 timeline, i.e. September 20, becoming the first company to do the same.
Zaggle Prepaid and Samhi Hotels were supposed to list on September 27, as per the earlier IPO schedule available in the red herring prospectus.
Zaggle Prepaid Ocean Services
The business spend management software and services provider has closed its public issue on September 18, with 12.57 times subscription. The offer was opened on September 14.
Qualified institutional buyers have bought 16.73 times the allotted quota, while the parts reserved for high networth individuals and retail investors were subscribed 8.85 times and 5.94 times, respectively.
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The SaaS-based fintech platform has raised Rs 563.38 crore via initial public offering at the upper price band of Rs 164 per share. The offer comprised a fresh issue shares worth Rs 392 crore and an offer-for-sale (OFS) of 1.04 crore shares worth Rs 171.38 crore by eight selling shareholders.
The price band for the offer was Rs 156-164 per share.
Zaggle is now backed by several marquee investors such as Morgan Stanley, Societe Generale, Goldman Sachs, Matthews Asia Funds, Copthall Mauritius Investment, Sunil Singhania's Abakkus, Ashish Kacholia, and Madhu Kela.
Samhi Hotels
Privately held Samhi Hotels failed to attract overwhelming response from investors. The public issue was subscribed 5.33 times during September 14-18, mainly backed by qualified institutional buyers who have bought 8.82 times the allotted quota.
Also read: Updater Services IPO price band set at Rs 280-300 a share
The high net-worth individuals and retail investors have bid 1.22 times and 1.11 times the portion set aside for them.
The prominent branded hotel ownership and asset management platform has mopped up Rs 1,370.1 crore via maiden public issue at the upper price band. It was comprised a fresh issue of shares worth Rs 1,200 crore, and an offer-for-sale (OFS) of 1.35 crore shares worth Rs 170.1 crore by three selling shareholders.
Singapore-based Blue Chandra, owned by Equity International Fund V; Goldman Sachs Investments Holdings (Asia), and GTI Capital Alpha offloaded their some shares in the OFS.
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The price band for the offer was Rs 119-126 per share.
Apart from global investors like Equity International, ACIC Mauritius and Goldman Sachs, now the company is getting support from more marquee investors such as Monetary Authority of Singapore, Government of Singapore, HSBC Global, CLSA, Citigroup, and Societe Generale.
Samhi Hotels, which acquires or builds primarily business hotels, owns a portfolio of 4,801 keys across 31 operating hotels in key urban consumption centres in India as of August.
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