Zaggle Prepaid launches QIP with floor price of Rs 550.73/share

Zaggle Prepaid Ocean Services informed that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 550.73 per equity share.

The company's board authorized and declared the opening of the issue on Wednesday, 18 December 2024.

The floor price of Rs 550.73 is at a discount of 1.89% to the scrips previous closing price of Rs 561.35 on the BSE.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue.

The IT-enabled services firms board had already approved raising of funds through issuance of equity shares, a qualified institutions placement or any combination of the securities, in one or more tranches for an amount not exceeding Rs 950 crore.

Meanwhile, the company informed that it has entered into a customer service agreement with Narayana Hrudayalaya. Zaggle would provide Narayana Hrudayalaya, the Employee expense management & benefits service, the Zaggle Save till 31 March 2027.

Zaggle Prepaid Ocean Services provides financial technology (fintech) products and services along with prepaid cards and has built a portfolio of software as a service (SaaS), including tax and payroll software, and a broad touchpoint reach.

The companys consolidated net profit surged 167.3% to Rs 20.29 crore on 64.2% rise in net sales to Rs 302.56 crore in Q2 FY25 over Q2 FY24.

The scrip declined 3.84% to currently trade at Rs 539.80 on the BSE.

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