Fintech SaaS Startup Zaggle Makes Stock Market Debut, Lists At INR 164 Share Price

SUMMARY

Zaggle’s IPO price band was set at INR 156-INR 164 per equity share

Zaggle’s public issue was oversubscribed 12.57X on the last day of its IPO

After a muted 2022, IPOs are making a strong comeback this year. Last week, besides Zaggle, Yatra also initiated its IPO

Fintech SaaS startup Zaggle made its stock market debut today (September 22), with an initial listing price of INR 164 per share.

The fintech SaaS startup opened at issue price of INR 164, resulting in a flat listing. Zaggle’s IPO price band was set at INR 156-INR 164 per equity share.

“Congratulations “Zaggle Prepaid Ocean Services Limited” on getting listed on NSE today. The company offers fintech and SaaS products and services to manage corporate business expenses through automated and innovative workflows. The public issue was of INR 563 Cr,” the National Stock Exchange said in a post on X.

Zaggle’s public issue was oversubscribed 12.57X on the last day of its IPO on Monday (September 18). The issue received bids for 24.29 Cr shares as against 1.93 Cr shares on offer, led by qualified institutional buyers (QIBs).

In Zaggle’s IPO, the part reserved for QIBs got a huge response, with 16.73 times more bids than the allocated 1.04 Cr shares. Non-institutional investors also showed strong interest, bidding 8.85 times for their 53.37 Lakh share allocation.

However, the retail investor portion had the lowest bids, with 5.94 times more bids than the 2.11 Cr shares allocated to them by the end of day 3.

Founded in 2011, Zaggle is a spend management and corporate employee benefits platform. It helps businesses automate their accounts and issues prepaid cards, in partnership with banking partners, to reward their employees with incentives and gifts.

Zaggle’s profit after tax (PAT) jumped 2.2X to INR 41.92 Cr in the financial year 2021-22 (FY22) from INR 19.33 Cr in FY21. Revenue from operations rose to INR 371.25 Cr from INR 239.97 Cr in FY21, while total revenue grew 1.5X to INR 371.66 Cr from INR 240.29 Cr in the previous fiscal year.

Meanwhile, after a muted 2022, IPOs are making a strong comeback this year. Last week, besides Zaggle, Yatra also initiated its IPO. Earlier this year, ideaForge saw a remarkable 94% premium upon listing, and Yudiz Solutions enjoyed a 12% premium on the NSE SME platform.

Furthermore, several other startups, such as Mamaearth, OYO, Navi, and GoDigit, are currently considering public listing this year.

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