Zaggle Prepaid Ocean Services Limited IPO
Zaggle Prepaid Ocean Services Limited IPO
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Zaggle Prepaid Ocean Services Limited's successfully completed its Initial Public Offering and commenced trading on 22-09-2023 at the NSE, BSE exchange. The company raised 3,43,52,255 Shares through this public offering, comprising 2,39,02,439 Shares in fresh capital and ₹171.38 Cr through the Offer for Sale mechanism.
The IPO was priced within the band of ₹156 to ₹164, with minimum application lots of 90 shares. The offering attracted significant investor interest during its subscription period from 14-09-2023 to 18-09-2023.
Share allotment was finalized on 20-09-2023, distributing equity to successful applicants. The stock's subsequent listing marked a significant milestone in the company's corporate history, providing public market liquidity to shareholders.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Zaggle Prepaid IPO About Company
Zaggle Prepaid Ocean Services Limited, incorporated in 2011, is a fintech company providing corporate business expense management solutions through automated and innovative workflows. Its SaaS and fintech products cater to industries like banking, finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automobiles. Key offerings include Propel (employee and channel rewards), Save (business spend management), CEMS (customer engagement and gift card management), Zaggle Payroll Card, and Zoyer (integrated invoice-to-pay platform). As of fiscal 2023, Zaggle serves over 1,750 corporate customers and 1.7 million end users with 250+ employees across 7 offices in India.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Zaggle Prepaid IPO Strength Factors
NA
Zaggle Prepaid IPO Risk Factors
NA
Zaggle Prepaid IPO Lead Manager(s)
- ICICI Securities Limited
- Equirus Capital Private Limited
- IIFL Securities Limited
- Jm Financial Limited
Zaggle Prepaid IPO Promoter(s)
- Mr. Raj P Narayanam
- Mr. Avinash Ramesh Godkhindi
Zaggle Prepaid IPO FAQs
Zaggle Prepaid Ocean Services Limited IPO subscribed 12.57 times. The public issue subscribed 5.94 times in the retail category,16.73times in QIB, and 10 times in the HNI (10+) category byNovember 6, 2025 11:59:25 AM (Day 6).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Zaggle Prepaid IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Zaggle Prepaid IPO FAQs
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