Zaggle IPO: Issue Oversubscribed Over 12X On Last Day

SUMMARY

Zaggle’s public issue received bids for 24.29 Cr shares as against 1.93 Cr shares on offer, led by qualified institutional buyers

While the portion reserved for QIBs saw 16.37X subscription, retail investors’ category was also oversubscribed 5.94X

The B2B SaaS fintech startup’s IPO comprises a fresh issue of shares worth INR 392 Cr and an offer for sale for 10.5 Mn shares

B2B SaaS fintech startup 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).

The portion reserved for QIBs was subscribed 16.73X with 17.45 Cr bids. The startup had allocated 1.04 Cr shares for this category.

On the other hand, non-institutional investors (NIIs) placed bids for 4.72 Cr shares as against 53.37 Lakh shares allocated to them, leading to 8.85X subscription.

Zaggle’s IPO saw the least amount of bids from retail investors. The portion was subscribed 5.94X, receiving bids for 2.11 Cr shares at the end of Day 3.

On Day 2 of its offering, retail investors bid for the highest number of shares – 67.92 Lakh, while NIIs and QIBs had placed bids for 15.28 Lakh and 2,520 shares, respectively.

Zaggle’s IPO, launched last week on Thursday, comprises a fresh issue of shares worth INR 392 Cr and an offer for sale (OFS) for 10.5 Mn shares. The startup allocated 1.54 Cr shares to its anchor investors from whom it raised INR 253.52 Cr.

Zaggle’s IPO price band was set at INR 156-INR 164 per equity share. On the upper end of the price band, total issue size stands at INR 563.4 Cr.

Besides Zaggle, Yatra also launched its IPO last week. At the end of Day 2, today, Yatra’s public issue was subscribed 0.31X.

Earlier this year, ideaForge listed on the bourses at a 94% premium, while Yudiz Solutions listed at a 12% premium on the NSE SME platform.

Several other new-age tech startups, including Mamaearth, OYO, Navi, and GoDigit, are also eyeing a public listing this year.

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