Zaggle Prepaid Ocean Services secured Rs 253.52 crore from 23 anchor investors a day prior to the initiation of its initial public offering (IPO). The anchor investors include prestigious names such as Morgan Stanley Asia (Singapore), Matthews Asia Funds, Neuberger Berman Emerging Markets Equity Fund, and Goldman Sachs (Singapore), among others. Has finalized allocation of 1,54,58,515 equity shares to anchor investors at a price of Rs 164 per share,” the fintech-SaaS company said in its filing to exchanges.

the total allocation to anchor investors, 37,80,630 equity shares were assigned to three domestic mutual funds across four schemes. Zaggle Prepaid Ocean Services will launch its Rs 563.38-crore public issue, consisting of a fresh issue of shares worth Rs 392 crore and an offer-for-sale (OFS) of 1,04,49,816 equity shares by eight selling shareholders.

The IPO price band, which concludes, is set at Rs 156-164 per share. Zaggle operates in spend management with a distinctive value proposition and a diverse user base. The net proceeds from the fresh issue will be allocated for customer acquisition and retention (Rs 300 crore), technology and product development (Rs 40 crore), and debt repayment (Rs 17.08 crore).