The initial public offering (IPO) of fintech company Jagel Prepaid Ocean Services Ltd was subscribed 12.57 times on the last day of subscription on Monday. According to data available with NSE, the initial share sale saw 24,28,280 shares being sold against 1,93,26,761 shares. Bids were received for 83,090 shares.
The qualified institutional buyers (QIB) category was subscribed 16.73 times, while the non-institutional investors portion was subscribed 8.85 times. Retail individual investors’ quota was subscribed 5.94 times.
The IPO consisted of a fresh issue of up to Rs 392 crore and an offer for sale of 10,449,816 equity shares. The price range of the company’s IPO was Rs 156-164 per share. Jagel Prepaid Ocean Services on Wednesday said it has raised Rs 253.52 crore from anchor investors.
The company has proposed to use the net proceeds of Rs 300 crore on expenditure for customer acquisition and retention, up to Rs 40 crore on expenditure for development of technology and products and to deduct up to Rs 17.08 crore in whole or in part. Have proposed. , loan taken by the firm.
Established in 2011, the company has carved a market niche in the country by offering a combined solution for expense management through prepaid cards and employee management (through SaaS), the firm said.
ICICI Securities, Equirus Capital, IIFL Securities and JM Financial were the managers of the offer.
The equity shares of the company will be listed on BSE and NSE.