Fintech player Zaggle files papers with Sebi to mobilise funds via IPO
The IPO comprises of a fresh issue of equity shares worth Rs 490 crore and an offer for sale of 1.05 crore stocks by promoters, investors, and other shareholders.
Fintech playerPrepaid Ocean Services Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The IPO comprises fresh issue of equity shares worth Rs 490 crore and an offer for sale (OFS) component of 1.05 crore stocks by promoters, investors, and other shareholders, according to the draft red herring prospectus (DRHP).
Those offering shares in the OFS include promoters Raj P Narayanam and Avinash Ramesh Godkhindi and investors VenturEast Proactive Fund, GKFF Ventures, VenturEast SEDCO Proactive Fund, and Ventureast Trustee Company.
Proceeds from the fresh issue would be utilised towards customer acquisition and retention, development of technology and products, payment of debt, and for general corporate purposes.
Founded in 2011, the company operates in the business-to-business-to-customer (B2B2C) segment. It has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (through SaaS). It offers digitised solutions for employee tax benefits, expense management, corporate gifting, and rewards and recognition programmes.
The company has 1,896 customers and 19.82 lakh users as of June-end.
ICICI Securities, Equirus Capital, IIFL Securities, and JM Financial have been appointed as merchant bankers to manage the IPO. The equity shares of the company will be listed on the BSE and NSE.
Edited by Megha Reddy