Zaggle Prepaid Ocean Services IPO
Zaggle Prepaid Ocean Services IPO — date, price band, lot size & details 2023
Zaggle Prepaid Ocean Services listed on 22 Sep 2023 at ₹164, flat to the ₹164 issue price.
Zaggle Prepaid Ocean Services offers fintech and SaaS products for business spend management, employee rewards and gift cards. It had issued more than 50 million prepaid cards with banking partners by 31 March 2023.
Stock price
Zaggle Prepaid Ocean Services is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 14 Sep 2023
- Close 18 Sep 2023
- Allotment 22 Sep 2023
- Refund/credit 25 Sep 2023
- Listing 22 Sep 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 14 to 18 Sep, 2023 |
|---|---|
| Price Band | ₹156 – ₹164 |
| Face Value | ₹1 |
| Lot Size | 90 Shares |
| Issue Size | ₹563.38 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,760 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 90 shares at the ₹164 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 90 | ₹14,760 |
| Retail (max) | 13 | 1,170 | ₹1,91,880 |
| S-HNI (min) | 14 | 1,260 | ₹2,06,640 |
| S-HNI (max) | 67 | 6,030 | ₹9,88,920 |
| B-HNI (min) | 68 | 6,120 | ₹10,03,680 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Revenue from operations rose from Rs 239.97 crore in FY2021 to Rs 553.46 crore in FY2023, as per the RHP.
- 02It had more than 50 million prepaid cards issued and 2.27 million users served.
- 03Rs 392.00 crore of the issue was fresh capital, mostly for growing its customer base.
- 04Net worth turned positive at Rs 48.75 crore on 31 March 2023, from minus Rs 3.56 crore a year earlier.
- 05Rs 17.08 crore of the fresh issue was planned for repaying debt.
Risks · 5
- 01Profit after tax fell from Rs 41.92 crore in FY2022 to Rs 22.90 crore in FY2023.
- 02The pre-issue P/E was 66.67 at the upper band of Rs 164, based on diluted EPS of Rs 2.46.
- 03Total borrowing rose from Rs 64.47 crore on 31 March 2022 to Rs 121.07 crore on 31 March 2023.
- 04Margins are thin, and the source puts the PAT margin at 4.14%. Prepaid cards depend on bank partners and RBI rules.
- 05Promoter holding fell from 57.91% before the issue to 44.07% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Zaggle Prepaid Ocean Services offer document.
| Metric | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|
| Assets | 234.76 | 92.65 | 62.08 |
| Revenue from Operations | 553.46 | 371.26 | 239.97 |
| Total Income | 554.58 | 371.66 | 240.29 |
| Profit After Tax | 22.90 | 41.92 | 19.33 |
| NET Worth | 48.75 | -3.56 | -45.55 |
| Total Borrowing | 121.07 | 64.47 | 69.08 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Zaggle Prepaid Ocean Services RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Zaggle Prepaid Ocean Services IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹2.46 | - |
| P/E Ratio (x) | 66.67 | 87.23 |
| Market Cap at Offer Price (₹ Cr) | ₹1,526.67 | - |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹164 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹362.18 Cr of the issue is earmarked to named objects.
About the company
Its platforms cover business spend management, such as expense and vendor management, rewards and incentives for employees and channel partners, and gift card management for merchants. Its products include Propel, Save and its customer engagement management system.
As per Frost & Sullivan, it is a leading player in spend management, with more than 50 million prepaid cards issued with banking partners and more than 2.27 million users served as of 31 March 2023.
The IPO was Rs 563.38 crore, with Rs 392.00 crore of fresh issue and Rs 171.38 crore of offer for sale by the two promoters and investors. Rs 300.00 crore was planned for customer acquisition and retention.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Zaggle Prepaid Ocean Services IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
125 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Equirus Capital Pvt.Ltd.
34 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Metro Brands (-12.6%).
IIFL Capital Services Limited
116 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: Rategain Travel Technologies (-15.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Zaggle Prepaid Ocean Services?
The current Grey Market Premium is ₹10, or 6% over the issue price.
What is the Zaggle Prepaid Ocean Services IPO price band?
₹156 to ₹164, on a face value of ₹1.
When is the allotment?
The basis of allotment is 22 September 2023, with listing on 22 September 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
