Following the announcement by the company that it has raised Rs. 594.84 crore through qualified institutional placement (QIP) at Rs. 523.20 per share, Zaggle Prepaid Ocean Services saw a jump of 3.32% to Rs. 547.80.

On December 18, 2024, the issue was first opened, and it ended on December 23, 2024.The floor price of Rs. 550.73 per equity share is represented by a 5% discount in the issue price.

In accordance with the allocation, the company's paid-up capital has increased to Rs. 13.42 crore, which consists of 13.42 crore equity shares, from Rs. 12.28 crore.
Several institutional investors participated in the QIP, and the allottees received over 5% of the issue size.

With a significant allocation of 16.81%, Bank of India ELSS TAX SAVER was the largest beneficiary, ahead of SOCIETE GENERALE ODI, which received 9.24%.

A total of 6.72% was allocated to the Nuvama Enhanced Dynamic Growth Equity (Edge) fund and 6.72% to the ICICI Prudential Technology Fund.

In addition to offering prepaid cards, Zaggle Prepaid Ocean Services also offers financial technology (fintech) products and services. Its portfolio of software as a service (SaaS) includes payroll and tax software, and it has a wide range of touchpoints.

In Q2 FY25 compared to Q2 FY24, the company's consolidated net profit increased by 167.3% to Rs. 20.29 crore, driven by a 64.2% increase in net sales to Rs. 302.56 crore.