Zaggle Prepaid rallies after raising Rs 595-cr via QIP

Zaggle Prepaid Ocean Services jumped 3.32% to Rs 547.80 after the company announced that it has raised Rs 594.84 crore through qualified institutional placement (QIP) at Rs 523.20 per share.

The issue opened on 18 December 2024 and closed on 23 December 2024.The issue price represents a discount of 5% to the floor price of Rs 550.73 per equity share.

Pursuant to the allotment, paid up capital of the company stands increased from Rs 12.28 crore, comprising of 12.28 crore equity shares to Rs 13.42 crore comprising of 13.42 crore equity shares.

The QIP witnessed participation from various institutional investors, with the allottees receiving more than 5% of the total issue size.

 

Bank of India ELSS TAX SAVER emerged as largest allottee, securing a major 16.81% allocation, following SOCIETE GENERALE ODI received 9.24%.

ICICI Prudential Technology Fund received allocation of 6.72% and Nuvama Enhanced Dynamic Growth Equity (Edge) fund received allocation of 6.72%.

Zaggle Prepaid Ocean Services provides financial technology (fintech) products and services along with prepaid cards and has built a portfolio of software as a service (SaaS), including tax and payroll software, and a broad touchpoint reach.

The companys consolidated net profit surged 167.3% to Rs 20.29 crore on 64.2% rise in net sales to Rs 302.56 crore in Q2 FY25 over Q2 FY24.

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