“It is 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,” HDFC Securities said.
The IPO comprises a fresh issue of equity shares up to Rs 392 crore and an offer for sale (OFS) component of up to 1.04 crore shares by promoters and a few external investors.
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Zaggle operates in the B2B2C segment and is amongst a small number of uniquely positioned players with a diversified offering of financial technology products and services. The company provides offerings to customers and users that include employees, channel partners and customers, while collaborating with merchants, banks and NBFCs, providing a strong value proposition to each stakeholder.
Ahead of the issue opening, SAMHI Hotels shares are commanding a premium of Rs 35 in the unlisted market, while the GMP of Zaggle Prepaid is around Rs 40.