HYDERABAD: Zaggle Prepaid Ocean Services Limited, a leading player in spend management with a differentiated value proposition and diversified user base has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).
The company operates in the business-to-business-to-customer segment and is amongst a small number of uniquely positioned players with a diversified offering of financial technology products and services. It plans to raise funds through initial public offering of equity shares with face value of Rs. 1 each. The offer comprising of fresh issue aggregating up to Rs. 490 cr (The Fresh Issue) and an offer for sale aggregating up to 10,526,316 equity shares by “Promoter Selling Shareholder” and “Investor Selling Shareholder” (The Offer for Sale).
The net proceed from fresh issue is proposed to be utilised towards expenditure towards Customer acquisition and retention estimated to be Rs. 300 cr and products estimated to be Rs. 40cr, repayment/ pre-payment of certain borrowings, in full or part, availed by the company estimated to be Rs. 180 million and balance towards general corporate purposes.
The Company may, in consultation with the BRLMs, consider a Pre-IPO placement for cash consideration aggregating up to Rs. 98cr.
The equity shares of the company will be listed on the BSE and NSE.
