Zaggle Prepaid IPO allotment status, latest GMP, listing date and more

Zaggle Prepaid Ocean Services has finalized the basis of allotment of its shares and the allotment status has been announced. The company is likely to have a T+3 listing at the bourses. Investors, who bid for the issue can check their application status either through exchange (BSE) or through the registrar for the issue.

The Zaggle Prepaid Ocean Services' IPO was sold in the price band of Rs 156-164 per share with a lot size of 90 shares. The issue was open for bidding between September 14 to September 12. The company aimed to raise Rs 563.38-crore from its primary stake sale, which included a fresh share sale of Rs 392 crore.

The issue was overall subscribed 12.86 times, thanks to qualified institutional bidders (QIBs), whose quota was booked 16.94 times. The non-institutional investors' category was subscribed 9.16 times and the allocation reserved for retail investors was subscribed 6.15 times during the three-day book-building process.

Grey market premium (GMP) of Zaggle Prepaid Ocean Services has seen a sharp correction since the closure of the bidding. Last heard, the company was commanding a premium of Rs 10-15 per share, suggesting a listing pop in single digits for the investors. However, it was around Rs 30-35 before the issue opened for bidding.

Zaggle Prepaid Ocean Services, incorporated in 2011, provides financial technology products and services to manage corporate business expenses through automated and innovative workflows. It had seven offices across India, more than 1,750 customers, and over 1.7 million end users as of March 31, 2023.

Brokerage firms were not very positive on the issue and it attracted a mixed review from analysts. ICICI Securities, IIFL Securities, JM Financial and Equirus Capital are managers to the issue, while Kfin Technologies is the registrar for the issue. Shares of the company are likely to be listed on both BSE and NSE on Friday, September 22.

Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Zaggle Prepaid Ocean Services Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit

Investors can also check the allotment status on the online portal of Kfin Technologies Limited
 (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries after the issue.

1) Go to the web portal of KFin Technologies Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Also read: Updater Services IPO to open on September 25: Price band, lot size & other details

Also read: Reliance Industries, TCS, HDFC Bank: Trading strategies for 3 most-valued stocks