Shares of Zaggle Prepaid Ocean Services will be listed at the exchanges on Friday. The company has fixed the price at Rs 164, at the upper end of the price band of Rs 156-164.
The SaaS-based fintech platform raised Rs 563.38 crore through the public issue.
The offer comprised a fresh issue worth Rs 392 crore of and an offer-for-sale (OFS) of 1.04 crore shares worth Rs 171.38 crore by selling shareholder and promoters.
The company plans to the fund raised for customer acquisition and retention, as well as the development of technology and products, at a cost of Rs 340 crore. It will also repay its debt amounting to Rs 17.08 crore, with the remaining funds being used for general corporate pur poses.
The issue of Zaggle was subscribed 12.57 times. Zaggle Prepaid Ocean Services had mobilised Rs ₹253.52 crore from anchor investors, ahead of the issue.
“Founded in 2011, the company has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (through SaaS),” the firm said.