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Fintech player <keyword id="15835888" type="General" weightage="50" keywordseo="zaggle-prepaid-ocean-services-ltd" source="Orion">Zaggle Prepaid Ocean Services Ltd</keyword> has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering. The <keyword id="6354763" type="General" weightage="100" keywordseo="ipo" source="Orion">IPO</keyword> (initial public offering) comprises a fresh issue of equity shares worth Rs 490 crore and an offer for sale (<keyword id="883402" type="General" weightage="50" keywordseo="ofs" source="Orion">OFS</keyword>) 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 LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, and <keyword id="15835889" type="General" weightage="50" keywordseo="ventureast-trustee-company" source="Orion">Ventureast Trustee Company</keyword>. Proceeds from the fresh issue would be utilised towards customer acquisition and retention, development of technology and products, payment of debt and general corporate purposes. Founded in 2011, the company operates in the business-to-business-to-customer 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 digitized 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 <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> and NSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dabur-just-dial-hindustan-zinc-among-stocks-to-watch-out-for/articleshow/96359393.cms">Sensex, Nifty50 open lower amid mixed market cues – Dabur, Just Dial, Hindustan Zinc among stocks to watch out for</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/abans-holdings-ipo-here-is-how-to-check-the-allotment-status/articleshow/96360387.cms">Abans Holdings IPO: Here is how to check the allotment status</a>

Fintech player Zaggle files IPO papers with Sebi to mobilise funds via IPO

<ul><li>The qualified institutional buyer (QIB) portion was subscribed 16.73 times.</li><li>The retail portion however was subscribed 5.9 times.</li></ul><keyword id="4399358" type="General" weightage="20" keywordseo="zaggle-prepaid-ocean-services" source="Orion">Zaggle Prepaid Ocean Services</keyword>’s initial public offer (IPO) was subscribed 12.5 times the shares on offer. The qualified institutional buyer (QIB) portion was subscribed 16.73 times, and the non-institutional investor portion was subscribed 8.8 times. The retail portion however was subscribed 5.9 times. The IPO had a price band of ₹156-₹164 per equity share. The IPO comprises a fresh issue of equity shares aggregating to ₹392 crore and an offer for sale up to 10,449,816 shares by selling shareholders. It has raised ₹253.52 crore ahead of the public offer from anchor investors like Kotak Equity Opportunities Fund, ICICI Prudential Technology Fund, Eastspring Investments India Fund and more. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of times subscribed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIBs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.73 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.85 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.94 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.57 </td></tr></tbody></table> Source: BSE Its promoters Raj P Narayanam, Avinash Ramesh Godkhindi will be selling shares along with VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company, Zuzu Software Services; and Koteswara Rao Meduri. The company proposes to utilize its net proceeds towards customer acquisition and retention, technology development and towards re-payment or pre-payment of certain borrowings, and general corporate purposes. ICICI Securities, Equirus Capital, IIFL Securities and JM Financial are the book running lead managers to the offer. Convergence of SaaS and fintech <keyword id="3260122" type="General" weightage="50" keywordseo="zaggle" source="Orion">Zaggle</keyword>, which was incorporated in 2011, is a SaaS and fintech company that operates in the B2B2C segment. It interacts and interfaces with customers which are businesses and end users who are employees. It claims to be a leading player in spend management, with more than 50 million prepaid cards issued in partnership with banks and more than 2.27 million users served, as of March 31, 2023. It has diverse offerings like fintech products and services, and a portfolio of SaaS, including tax and payroll software, it said in its RHP. Its profits in FY23 fell by 45% in FY23, as compared to the year before. It also experienced negative operating cash flows of ₹15.6 crore in FY23 primarily due to an increase in trade receivables of ₹58 crore. Its revenues, however, have been steadily growing due to increases in user base, accompanied by an increase in spending by the users. An increase in program fees received due to an overall increase in business scale also aided the growth. “Several factors contribute to its appeal, including a diverse client base spanning various industries, consistent revenue growth over the years, the company's expansion strategies, a diversified revenue model, and the flourishing digital payments sector,” said a report by Geojit which gave a subscribe recommendation on a short- to medium-term basis.

Zaggle IPO subscribed 12.5x with good interest from QIBs

<ul><li>The IPO comprises a fresh issue of shares aggregating to ₹392 crore; and an offer for sale up to 10,449,816 shares.</li><li>Bids can be made for a minimum of 90 equity shares and in multiples of 90 thereafter.</li><li>Its net will be used for customer acquisition and retention, techn development, loan payment and general corporate purposes. </li></ul>Zaggle Prepaid Ocean Services, a <keyword id="18735153" type="General" weightage="20" keywordseo="spends-management-fintech" source="Orion">spends management fintech</keyword> company, said on Monday that its initial public offer (IPO) will open on September 14 and close on September 18. It has set a price band of ₹156-₹164 per equity share. Companies that offer software as a service (SaaS) are known as SaaS companies. Bids can be made for a minimum of 90 equity shares and in multiples of 90 equity shares thereafter. The IPO comprises a fresh issue of equity shares aggregating to ₹392 crore and an offer for sale up to 10,449,816 shares by selling shareholders. Its promoters Raj P Narayanam, Avinash Ramesh Godkhindi will be selling shares along with VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company, Zuzu Software Services; and Koteswara Rao Meduri. The company proposes to utilize its net proceeds towards customer acquisition and retention, technology development and towards re-payment or pre-payment of certain borrowings, and general corporate purposes. ICICI Securities, Equirus Capital, IIFL Securities and JM Financial are the book running lead managers to the offer. About the company Zaggle, which was incorporated in 2011, is a SaaS and fintech company that operates in the B2B2C segment. It interacts and interfaces with customers which are businesses and end users who are employees. It claims to be a leading player in spend management, with more than 50 million prepaid cards issued in partnership with banks and more than 2.27 million users served, as of March 31, 2023. It has diverse offerings like fintech products and services, and a portfolio of SaaS, including tax and payroll software, it said in its RHP. The overall market for spend management software and services was estimated to surpass ₹20,000 crore by Fiscal 2027. The outsourced spend management estimated to be around 60% during that period, as per Frost &amp; Sullivan. It has no peers neither in India nor abroad. Financials &amp; Risk Factors Its profits in FY23 fell by 45% in FY23, as compared to the year before. It also experienced negative operating cash flows of ₹15.6 crore in FY23 primarily due to an increase in trade receivables of ₹58 crore. Its revenues, however, have been steadily growing due to increases in user base, accompanied by an increase in spending by the users. An increase in program fees received due to an overall increase in business scale also aided the growth. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 (consol) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 (standalone) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 (standalone) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenues </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹554 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹371 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹240 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PAT </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22.9 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹41.9 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹19.3 crore </td></tr></tbody></table>Source: RHP In its risk factors, the company said that it operates in a highly competitive industry. It may experience significant fluctuations in financial performance due to a number of factors like — inability to attract new customers, grow or maintain its customer retention rate, expand usage within enterprises, gain continued acceptance of its products and expand use and more. Further, its marketing efforts may not attract additional customers on a cost-effective basis. The businesses of its banking partners are regulated by the RBI and any change in the RBI’s policies, decisions and regulatory framework could have an adverse effect. Its international expansion efforts may not be successful and may expose it to complex management, legal, tax, competition and economic risks. Its sites, networks, and systems may experience security incidents or breaches in future.

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Fintech player Zaggle files IPO papers with Sebi to mobilise funds via IPO

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Zaggle IPO subscribed 12.5x with good interest from QIBs

BI India Bureau

Spends management fintech Zaggle’s IPO to open on 14 September

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