Zaggle Prepaid Ocean Services lists at par to issue price of Rs 164

The SaaS-based fintech platform's revenue from operations grew at a CAGR of 52 percent during FY21-23

Zaggle Prepaid Ocean Services shares saw a lacklustre debut on the bourses on September 22. The stock started trading at Rs 164 on the NSE and Rs 162 on the BSE, against the issue price of Rs 164. The listing was in-line with analyst expectations of a tepid listing as the grey market premium (GMP) was also muted a day ahead of listing.

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The IPO had received a decent response from investors, who bought 24.28 crore equity shares, which was 12.57 times higher than the offer size of 1.93 crore shares.

Qualified institutional buyers bid 16.73 times the portion set aside for them, which is 75 percent of the total offer size, while the parts reserved for high networth individuals and retail investors, which is 15 percent and 10 percent to the IPO, were subscribed 8.85 times and 5.94 times, respectively.

The SaaS-based fintech platform's revenue from operations grew at a CAGR of 52 percent during FY21-23, and the adjusted PAT increased at a CAGR of 38 percent during the same period due to an increase of 151 percent in the user base. For FY23, it has recorded a consolidated net profit of Rs 36.9 crore on revenue of Rs 553.5 crore.

Of the Rs 563 crore mopped up via IPO, the company will spend fresh issue money for customer acquisition and retention, and the development of technology and products, at a cost of Rs 340 crore.

It will also repay its debt amounted to Rs 17.08 crore and the remaining funds will be used for general corporate purposes.