IPO Details

Issue Date




Price Range


Lot Size


IPO Size

₹ 563.38 Cr

IPO Listing Details

Listing On

22 Sep'23

Issue Price


Listed Price

₹ 164

Retail Gain/Listing Gain


Start date

End date

Allotment of bids

Refund Initiation

Listing on exchange

Zaggel Prepaid Ocean Services Ltd. was incorporated in 2011 and interacts with businesses and end users (i.e., employees). The company is among a small number of uniquely positioned players with a diversified offering of fintech products and services, having one of the largest number of issued prepaid cards in India. It has partnered with certain banking partners (constituting approximately 16% of India’s total prepaid transaction volume, as of 31st March 2023), and offers a diversified portfolio of SaaS, including tax and payroll software, and a wide touchpoint reach (Source: Frost & Sullivan Report).

The company is placed at the intersection of the SaaS and fintech ecosystems, with their SaaS platform designed for (i) business spend management (including expense management and vendor management); (ii) rewards and incentives management for employees and channel partners; and (iii) gift card management for merchants, which is referred to as customer engagement management system (CEMS).

With more than 50 million prepaid cards issued in partnership with banking partners and more than 2.27 million users served, as of 31st March 2023, the company stands as a leading player in spend management, offering a differentiated value proposition and diversified user base (Source: Frost & Sullivan Report).

Their network of corporate customers covers the banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobile industries, among others, where the company has established 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.

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Business model with diverse sources of revenue and low customer acquisition and retention costs
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Differentiated SaaS-based fintech platform, with diverse offerings
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Diversified customer relationships across sectors
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  • With a limited operating history at the current scale, the recent revenue growth rates may not be indicative of future financial performance.
  • The termination or failure to maintain relationships with banking partners, or changes to interchange fees due to various factors could harm business operations.
  • The company is dependent on third-party payment networks, channel partners and third-party providers for various aspects of the business and growth.

Here are a few strategies Zaggel Prepaid Ocean Services Limited has for its business:

  • Continue to increase the customer base of corporate accounts, SMB accounts, start-ups and merchants.
  • Continue to scale and expand by increasing user penetration and cross-selling within the existing customer base.
  • Continue to innovate and introduce new products and use cases.

And finally here’s a look at key financials of Zaggel Prepaid Ocean Services Limited.

Particulars (in Rs. million)

Particulars (in Rs. million)

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Zaggle Prepaid Ocean Services Ltd IPO FAQs

Zaggle Prepaid Ocean Services Ltd will list on 2023-09-22.

563.38 is the issue size of Zaggle Prepaid Ocean Services Ltd IPO.

The price band of Zaggle Prepaid Ocean Services Ltd IPO is ₹164 to ₹0.

The Zaggel Prepaid Ocean Services Limited IPO has an issue size of Rs. 563.38 crores. The IPO opens for subscription on 14th September and closes on 18th September 2023.

KFin Technologies Limited is the registrar for this IPO.

You may read more about Zaggel Prepaid Ocean Services Limited and its IPO from the company’s red herring prospectus (RHP) here: Zaggel Prepaid Ocean Services Limited RHP.

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