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ZAGGLE PREPAID OCEAN SERVICES LTD IPO

IPO Details

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90 Shares
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₹ 156– 164
₹ Up to 563.38 Cr

Issue timeline

  • -
  • 22-Sep-2023
  • 25-Sep-2023
  • 26-Sep-2023
  • 27-Sep-2023

Subscription Status

Shareholder -
Qualified Institutional Buyers -
Non-Institutional Investor -
Retail Individual Investor -
Employee -
Total -

About Company

- A leading player in spend management, with more than 50 million prepaid cards issued in partnership with banking partners and more than 2.27 million users served, as of March 31, 2023
-Has a diversified portfolio of SaaS, including tax and payroll software, and a wide touchpoint reach (Source: Frost & Sullivan Report)
-Have relationships with brands such as TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, Wockhardt, MAZDA, PCBL (RP – Sanjiv Goenka Group), Hiranandani group, Cotiviti and Greenply Industries (Source: RHP)

Strengths & Risks

Strengths (3)

Differentiated SaaS-based fintech platform
Their SaaS offerings (comprising of Propel, Save, CEMS and Zoyer) for businesses includes business and employee spend management, employee benefits management, employee incentives, channel rewards and incentives, employee rewards and recognition and employee tax benefits.(Source: Company RHP)

Risks (2)

They operate in a highly competitive industry, and an inability to compete successfully could adversely affect business
India’s spend management market and the financial technology (“fintech”) space is rapidly evolving, is increasingly competitive. With a constantly changing market environment, their future business strategies, practices and results may not meet expectations or respond quickly enough to customer demand, and they may face operational difficulties in adjusting to any changes.(Source: Company RHP)

  • Differentiated SaaS-based fintech platform
    Their SaaS offerings (comprising of Propel, Save, CEMS and Zoyer) for businesses includes business and employee spend management, employee benefits management, employee incentives, channel rewards and incentives, employee rewards and recognition and employee tax benefits.(Source: Company RHP)

  • In-house developed technology and strong network effect
    Among the few uniquely positioned players offering diversified services with fintech products and services and have advantages of having one of the largest number of issued prepaid cards in partnership with certain of their banking partners and high profitability along with a diversified portfolio of SaaS services(Source: Company RHP)

  • Business model with diverse sources of revenue
    Their model is a key differentiator which implements strategy of acquiring large User bases through corporate and SMB Customers that enables them to limit thier costs incurred on the acquisition of new Users relative to other B2C/retail focused players.(Source: Company RHP)

  • They operate in a highly competitive industry, and an inability to compete successfully could adversely affect business
    India’s spend management market and the financial technology (“fintech”) space is rapidly evolving, is increasingly competitive. With a constantly changing market environment, their future business strategies, practices and results may not meet expectations or respond quickly enough to customer demand, and they may face operational difficulties in adjusting to any changes.(Source: Company RHP)

  • They have experienced negative operating cash flows in Fiscal 2023
    They have experienced negative operating cash flows of ₹156.18 million in Fiscal 2023 primarily due to an increase in trade receivables of ₹580.85 million.They cannot  assure you that they will be able to generate a positive cash flow from our operations, or that they will not have negative operating cash flows in the future due to further higher levels of trade receivables(Source: Company RHP)

Financials

Net Worth
Total Borrowings
Restated Profit after tax
Earnings Per Share

Industry Overview

- Increasing scope for Prepaid and Credit Cards in India : The penetration and growth of debit and credit cards, also known as plastic money, is growing rapidly in India. Card based payments registered a CAGR of approximately 10% in terms of volume and approximately 18% in terms of value between the years Fiscal 2018 to Fiscal 2023 (Source: Company RHP)
- Significant awareness of spend management technology:  Many Indian companies have either already implemented or plan to adopt e-procurement technologies. According to a survey, firms understand the benefits of new procurement technologies such as improved sourcing of suppliers, reduction in procurement lead time, and employee strength (Source: Company RHP)

Zaggle Prepaid Ocean Services Ltd IPO FAQs

What is the lot size of Zaggle Prepaid Ocean Services IPO?

The lot size is 90 shares for Zaggle Prepaid Ocean Services IPO

Zaggle Prepaid Ocean Services IPO is mainboard IPO of issue size up to Rs.563.38 Crores

Zaggle Prepaid Ocean Services IPO opens from Sep 14th,2023 and closes on Sep 18th ,2023 for subscription

Zaggle Prepaid Ocean Services IPO shares will be allotted on Sep 22nd ,2023

Zaggle Prepaid Ocean Services IPO listing date is Sep 27th ,2023

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Zaggle Prepaid Ocean Services Ltd IPO

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90 Shares

Subscription Status

Shareholder -
Qualified Institutional Buyers -
Non-Institutional Investor -
Retail Individual Investor -
Employee -
Total -

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*The financials mentioned above are sourced from DRHP/ RHP documents.

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