Zaggle Prepaid Ocean Services Limited provides financial technology (fintech) products and services to manage corporate business expenses through automated and innovative workflows.
The company is sector-agnostic, and its network of corporate customers covers the banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobile industries, among others, where it has relationships with brands such as TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, Wockhardt, MAZDA, PCBL, Hiranandani group, Cotiviti and Greenply Industries.
The SaaS platform is designed for:
- Business spend management (including expense management and vendor management);
- Rewards and incentives management for employees and channel partners; and
- Gift card management for merchants, which we refer to as customer engagement management system (CEMS).
The company’s product portfolio includes:
- Propel: A corporate SaaS platform for channel rewards and incentives, employee rewards and recognition.
- Save: A SaaS-based platform and a mobile application that offers expense management solutions for business spend management facilitating digitized employee reimbursements and tax benefits.
- CEMS: A customer engagement management system that enables merchants to comprehensively manage their customer experiences including rewarding merchants through gift card and loyalty benefits.
- Zaggle Payroll Card: A prepaid payroll card that allows customers to pay contractors, consultants, seasonal and temporary employees, and unbanked wage workers as an alternative to direct deposits to bank accounts or cash payments.
- Zoyer: An integrated data-driven, SaaS-based business spend management platform with embedded automated finance capabilities in core invoice-to-pay workflows.
As of fiscal 2023, the company has over 250 employees, 7 offices across India, more than 1750 customers, and over 1.7 million end users.
Zaggle Prepaid Ocean Services IPO – Details
| IPO Opening Date | 14 September 2023 |
| IPO Closing Date | 18 September 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 3,43,52,255 Shares Worth ₹563.38 Crore Fresh Issue: 2,39,02,439 Shares Worth ₹392.00 Crore Offer for Sale: 1,04,49,816 Shares Worth ₹171.38 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹156 – ₹164 |
| Market Lot | 90 Shares |
| Min Order | 90 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | KFin Technologies Private Limited |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Zaggle Prepaid Ocean Services IPO – Date Schedule
| IPO Open Date | 14 September 2023 |
| IPO Close Date | 18 September 2023 |
| Basis of Allotment Date | 21 September 2023 |
| Initiation of Refunds | 21 September 2023 |
| Credit of Shares to Demat Account | 21 September 2023 |
| IPO Listing Date | 22 September 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on 18 September 2023 |
Zaggle Prepaid Ocean Services IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 90 | 14,760 |
| Retail (Max) | 13 | 1170 | 1,91,880 |
| S-HNI (Min) | 14 | 1260 | 2,06,640 |
| S-HNI (Max) | 67 | 6030 | 9,88,920 |
| B-HNI (Min) | 68 | 6120 | 10,03,680 |
Competitive Strengths
- Differentiated SaaS-based fintech platform, offering a combination of payment instruments, mobile application and API integrations;
- In-house developed technology and strong network effect;
- Business model with diverse sources of revenue and low customer acquisition and retention costs;
- Diversified customer relationships across sectors along with preferred banking and merchant partnerships; and
- Seasoned management team with deep domain expertise supported by a professional workforce.
Company Promoters
- Raj P Narayanam
- Avinash Ramesh Godkhindi
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2021 (Standalone) | 240.29 | 222.09 | 19.33 | 69.08 |
| 31 March 2022 (Standalone) | 371.66 | 320.48 | 41.92 | 64.47 |
| 31 March 2023 (Consolidated) | 554.57 | 522.94 | 22.90 | 121.07 |
Key Performance Indicator
| KPI | Values |
|---|---|
| P/E (x) | 66.67 |
| Market Cap (₹ Cr.) | 2002 |
| ROE | 46.98 |
| Debt/Equity | 2.48 |
| EPS (Rs) | 2.46 |
| RoNW | 46.98 |
Object Of The Issue
- Expenditure towards Customer acquisition and retention.
- Expenditure towards development of technology and products.
- Repayment/ pre-payment of certain borrowings, in full or part, availed by the Company.
- General corporate purposes.
Zaggle Prepaid Ocean Services IPO Promoter Holding
| Pre Issue Share Holding | 58.09% |
| Post Issue Share Holding | 44.18% |
Zaggle Prepaid Ocean Services IPO Prospectus
Company Contact Information
| Zaggle Prepaid Ocean Services Limited 301, III Floor, CSR Estate, Plot No.8, Sector 1, HUDA Techno Enclave, Madhapur Main Road, Hyderabad, Rangareddi – 500 081 Phone: +91 40 2311 9049 Email: haripriya.singh@zaggle.in Website: https://www.zaggle.in/ |
Zaggle Prepaid Ocean Services IPO Registrar
| KFin Technologies Private Limited Phone: +91 40 6716 2222 Email: zaggle.ipo@kfintech.com Website: https://kosmic.kfintech.com/ipostatus/ |
Zaggle Prepaid Ocean Services IPO Lead Manager(s)
| 1. JM Financial Limited 2. ICICI Securities Limited 3. Equirus Capital Private Limited 4. IIFL Securities Ltd |
Zaggle Prepaid Ocean Services IPO FAQs
| What is Zaggle Prepaid Ocean Services IPO? Zaggle Prepaid Ocean Services IPO is a main-board IPO. The issue is priced at ₹156 to ₹164 per equity share. The IPO is to be listed on BSE & NSE. |
| When Zaggle Prepaid Ocean Services IPO will open? The IPO is to open on 14 September 2023 for QIB, NII, and Retail Investors. |
| What is Zaggle Prepaid Ocean Services IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| How to Apply the Zaggle Prepaid Ocean Services IPO? You can apply Zaggle Prepaid Ocean Services IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Zaggle Prepaid Ocean Services IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Zaggle Prepaid Ocean Services”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Zaggle Prepaid Ocean Services IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Zaggle Prepaid Ocean Services”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Zaggle Prepaid Ocean Services IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Zaggle Prepaid Ocean Services”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Zaggle Prepaid Ocean Services IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Zaggle Prepaid Ocean Services”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Zaggle Prepaid Ocean Services IPO Size? Zaggle Prepaid Ocean Services IPO size is ₹563.38 Crore. |
| What is Zaggle Prepaid Ocean Services IPO Price Band? Zaggle Prepaid Ocean Services IPO Price Band is ₹156 to ₹164. |
| What is Zaggle Prepaid Ocean Services IPO Minimum and Maximum Lot Size? The minimum bid is 90 Shares with ₹14,760 amount while the maximum bid is 1170 shares with ₹1,91,880. |
| What is the Zaggle Prepaid Ocean Services IPO Allotment Date? Zaggle Prepaid Ocean Services IPO allotment date is 21 September 2023. |
| What is the Zaggle Prepaid Ocean Services IPO Listing Date? Zaggle Prepaid Ocean Services IPO listing date is 22 September 2023. The IPO is to list on BSE and NSE. |
