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Zaggle Prepaid Ocean Services plans to raise ₹950 crore via QIP to support strategic growth, with shares doubling since IPO. Zaggle shares closed at ₹439 on October 30.
Hyderabad-based B2B SaaS fintech company Zaggle Prepaid Ocean Services announced on October 30, 2024, that its board has approved raising up to ₹950 crore through Qualified Institutional Placement (QIP) of equity shares and other securities. This move aligns with the company's broader goals to fuel strategic growth and enhance operational efficiency as it solidifies its position within the fintech sector.
The fundraising of ₹950 crore will involve the issuance of various securities, including equity shares, convertible bonds, and non-convertible instruments. By opting for these instruments, Zaggle Prepaid aims to attract institutional investors, ensuring compliance with the Securities and Exchange Board of India (SEBI) regulations. The influx of capital will support Zaggle’s ongoing projects and initiatives, enabling the company to accelerate its growth within the competitive B2B fintech industry.
In its financial performance for Q1FY25, Zaggle reported notable revenue growth, with a 112% year-on-year increase for the April-June quarter. The earnings before interest, tax, depreciation, and amortisation (EBITDA) margin stood at 10.7%, marking an improvement from 7.9% in the previous year, although it saw a slight dip from 11.7% in the prior quarter. This performance reflects Zaggle’s continued expansion and ability to capture market share within the B2B fintech sector.
The company’s next financial update, the Q2FY25 results, are yet to be announced, which investors eagerly anticipate to gauge the company’s ongoing performance and financial health following its recent IPO debut.
In addition to the fundraising approval, Zaggle’s board appointed Virat Sunil Diwanji as a Non-Executive, Non-Independent Director, effective immediately. This appointment adds experienced leadership to Zaggle's board, potentially strengthening the company’s governance as it moves forward with its growth plans.
Zaggle shares ended October 30 slightly down by 0.3%, closing at ₹439. Since its IPO debut on September 22, 2023, the stock has seen significant growth, more than doubling from its IPO price of ₹164. The strong market performance has drawn attention to Zaggle's share price, as it continues to gain momentum among investors, highlighting the company’s perceived value and growth potential.
With the approval of the ₹950 crore fundraising, Zaggle Prepaid aims to drive forward its strategic objectives, supporting future growth and enhancing its operational infrastructure. The newly raised funds and the addition of a seasoned director reflect Zaggle’s commitment to strengthening its position in the fast-evolving B2B fintech landscape.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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