Zaggle Prepaid Ocean Services' IPO receives 43% subscription on Day 2

Fintech player Zaggle Prepaid Ocean Services' initial public offering received 43 per cent subscription on the second day of bidding on Friday.

The initial public offering (IPO) got bids for 82,96,560 shares against 1,93,26,761 shares on offer, as per data available with the NSE.

The portion for Retail Individual Investors (RIIs) got subscribed 1.90 times and the category for non-institutional investors received 29 per cent subscription.

The IPO received 19 per cent subscription on Thursday, the first day of the bidding.

The IPO has a fresh issue of up to Rs 392 crore and offer for sale of up to 10,449,816 equity shares.

Price range for the share sale is at Rs 156-164 apiece.

Zaggle Prepaid Ocean Services on Wednesday said it has mobilised Rs 253.52 crore from anchor investors.

The company proposes to utilise Rs 300 crore of the net proceeds on expenditure towards customer acquisition and retention, up to Rs 40 crore on expenditure for the development of technology and products, and up to Rs 17.08 crore to pare down, in full or in part, debt availed of by the firm.

Founded in 2011, the company has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (through SaaS), the firm said.

ICICI Securities, Equirus Capital, IIFL Securities and JM Financial are the managers to the offer.

Equity shares of the company will be listed on the BSE and the NSE.