This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEB6J0AJ_M.jpg
The IPO consisted of a fresh issue of shares worth Rs 392 crore ($53 million) and an offer for sale (OFS) portion that included 10,449,816 shares of Rs 1 ($0.01), aggregating to Rs 171.38 crore ($23 million). The total size of the issue was Rs 563.38 crores ($76 million).
As per the data from BSE, Zaggle IPO received bids for 2,27,35,530 shares against 1,93,26,761 shares on offer. The retail investors’ portion was subscribed 3.48 times with bids for 1,23,91,290 shares against 35,57,802 shares on offer. Non-institutional investors’ portion saw bids for 93,96,630 shares against 53,36,703 on offer. However, the Qualified Institutional Buyers (QIB) portion was only subscribed 9%, receiving bids for 9,47,610 shares against the 1,04,32,256 shares on offer.
The company intends to use the net proceeds from the offering to fund customer acquisition and retention costs, product and technology development costs, and general corporate expenses and to repay or prepay some borrowings.
The company’s grey market premium (GMP), an indicator of investors’ readiness to pay more than the issue price, was at +16 on Monday, similar to the previous trading session. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Zaggle share price is Rs 180 ($2.43) apiece, which is 9.76% higher than the IPO price of Rs 164 ($2.22).
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
