Hyderabad: After a successful 98 crore pre-IPO (initial public offering) placement last month, Hyderabad-based spends management player Zaggle Prepaid Ocean Services Ltd has now fixed a price band of 156-164 per share of 1 each for its 564 crore IPO that will open on September 14 and close on September 18, 2023.
While the company plans to raise up to 392 crore via a fresh issue of shares, it is also going for an offer for sale of up to 171 crore with around 1.04 crore shares being sold by selling shareholders.
As part of the IPO, promoters Raj P Narayanam and Avinash Ramesh Godkhindi will be offering up to 15.29 lakh shares held by them in the company, while VentuEast Proactive Fund LLC will be offering up to 28.3 lakh shares for sale, GKFF Ventures another 20.46 lakh shares, Ventureast Trustee Company Pvt Ltd will be offering up to 1.18 lakh shaers and up to 17.65 lakh shares by Zuzu Software Services Pvt Ltd.
Post the IPO, which is being done via the book building route, the promoter and promoter entities will be holding around 42% stake, it is learnt.
The shares of the company will be listed on both, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
