Zaggle Prepaid Ocean Services made a flat opening on the NSE and BSE, amidst a volatile domestic market. The share debuted at Rs 164 on the NSE, which is also the issue price.
Zaggle IPO was subscribed 12.86 times. The Qualified Institutional Buyers (QIBs) category was subscribed 16.94 times, the portion for non-institutional investors received a 9.16-time subscription, and the Retail Individual Investors (RIIs) quota got oversubscribed by 6.15 times. The IPO comprises a fresh issue of 23,902,439 shares, aggregating up to Rs 392 crore and an offer-for-Sale (OFS), with promoters offloading 10,449,816 shares, aggregating up to Rs 171.38 crore.
“Zaggle is a uniquely positioned player in the fintech industry, but it has a major dependency on third parties and has faced negative cash flow and a decline in its profitability in recent years. The IPO valuation was also high. Investors should exit their positions, but those who want to hold for some gain should maintain a stop loss at Rs 148,” said Shivani Nyati, Head of Wealth, Swastika Investmart.
About Zaggle Prepaid Ocean Services
Founded in 2011, Zaggle Prepaid Ocean Services is a prominent player in the business-to-business-to-customer (B2B2C) segment. The company specialises in delivering fintech products, including prepaid cards and software-as-a-service (SaaS) solutions, to corporate clients across various sectors. ZPOSL occupies a distinctive position at the convergence of the SaaS and fintech ecosystems. It offers a comprehensive SaaS platform geared towards addressing essential business functions, such as business spend management (covering expense and vendor management), rewards and incentives management for both employees and channel partners, and a customer engagement management system (CEMS).