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Zaggle Prepaid Ocean Services LTD. IPO - Valuation, Date, Review, & GMP


Zaggle Prepaid Ocean Services Limited IPO

Zaggle Prepaid Ocean Services Limited - Complete Overview

Established in 2011, Zaggle Prepaid Ocean Services Limited offers a diverse range of fintech products and services. 

The company is a prominent player in spend management, having partnered with banks to issue over 50 million prepaid cards and serving more than 2.27 million users as of March 31, 2023.

Zaggle Prepaid Ocean is a versatile company that caters to various industries, including banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automobiles. 

It has established relationships with renowned brands such as TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, Wockhardt, MAZDA, PCBL (RP – Sanjiv Goenka Group), Hiranandani Group, Cotiviti, and Greenply Industries.

The company's SaaS platform is designed for three primary purposes: 
1. Business spend management, encompassing expense and vendor management.
2. Rewards and incentives management for employees and channel partners.
3. Gift card management for merchants is called the Customer Engagement Management System (CEMS).

Their core product portfolio includes
1. 'Propel,' a corporate SaaS platform for channel rewards, incentives, employee rewards and recognition.
2. 'Save,' a SaaS-based platform and mobile application for expense management, facilitating digital employee reimbursements and tax benefits.
3. 'CEMS,' enabling merchants to comprehensively manage customer experiences, including rewarding customers with gift cards and loyalty benefits.
4. 'Zaggle Payroll Card,' a prepaid payroll card providing an alternative to direct deposits or cash payments for contractors, consultants, seasonal workers, and unbanked wage earners.
5. 'Zoyer,' an integrated data-driven SaaS platform for business spend management, with automated finance capabilities in core invoice-to-pay workflows.

As of March 31, 2023, the company had 1,832 corporate accounts and 579 SMB accounts. The average user base per business was 943, 983, and 828 users as of March 31, 2023, March 31, 2022, and March 31, 2021, respectively. 

It had issued 10.83 million active cards to 2,411 customers across India by March 31, 2023. According to the Frost & Sullivan Report, as of the same date, the company had served more than 2.27 million users.


What does the company do? 

Zaggle Prepaid Ocean Services Limited offers a diverse range of fintech products and services.



IPO Overview

The Zaggle Prepaid Ocean Services IPO date is scheduled from September 14 to September 18, 2023. It is expected to be listed on the BSE and NSE exchanges by September 27, 2023. The Zaggle Prepaid Ocean Services IPO price is set in the range of Rs. 156 to Rs. 164 per share with a face value of Rs. 1 per share.

The company aims to raise Rs. 563.38 Crores through this IPO. The allocation of shares is as follows: 75% for institutional investors, 15% for non-institutional investors, and 10% for retail investors.


Zaggle Prepaid Ocean Services Limited IPO timetable (Tentative)



IPO Opening Date

14 September 2023

IPO Closing Date

18 September 2023

IPO Allotment Date 

22 September 2023

Refund initiation 

25 September 2023

IPO Listing Date

27 September 2023


Zaggle Prepaid Ocean Services Limited IPO Details

IPO Opening & Closing Date

14 September to 18 September 2023

Face Value

Rs.1 Per Share

Issue Price

Rs.156 to Rs.164 per share

Lot Size


Price of 1 Lot

Rs. 14,760

Issue Size

34,352,255 Shares (aggregating up to Rs. 563.38 Cr)

Offer for Sale

10,449,816 shares of Rs. 1(aggregating up to Rs. 171.38 Cr)

Fresh Issue

23,902,439 Shares (aggregating up to Rs. 392.00 Cr)

Listing at


Issue Type

Book Built Issue IPO


Kfin Technologies Ltd. 


Zaggle Prepaid Ocean Services Limited IPO Lot Details 

Minimum Lot Investment (Retail)

1 Lot

Maximum Lot Investment (Retail)

13 Lot

Minimum Lot Investment (HNI)

14 Lot

Maximum Lot Investment (HNI)

67 Lot


Zaggle Prepaid Ocean Services Limited IPO Reservation

Institutional share Portion


Non-institutional share Portion


Retail share Portion



Company Financial

Amount in Crores


FY - 23

Total Assets 


Total Revenue




Net Worth


Reserve & Surplus  


Total Borrowings



Revenue from Top Customers

(Amount in Million)


FY 23

FY 22

FY 21

Top Five Customers




Top Ten Customers





Key Operational Performance Indicators of the Company


FY 23

FY 22

FY 21

Platform fee / SaaS fee / Service fee (Rs. in Million)




Program Fees (Rs. in Million)




Propel platform revenue/gift card (Rs. in Million)




Total Customers catered to




Aggregate Users on the platform




Average Users per account




Customer Acquisition and Retention Cost (Rs. in Million)




Acquisition and Retention Cost per Customer (Rs. in Million)




Cashback expense per Rs. 1 earned from revenue from operations (Rs.)




Churn (%)




Average revenue per customer (Rs. in Million)




Number of new Customers added during the year





Objective of the Issue 

The funds raised through the IPO will be allocated for the following purposes:

  • Investment in customer acquisition and retention efforts.
  • Investment in the development of technology and new products.
  • Repayment or partial prepayment of certain outstanding borrowings taken by the company.
  • General corporate purposes.


Promoters and Management of Zaggle Prepaid Ocean Services Limited

Raj P Narayanam and Avinash Ramesh Godkhindi are the key promoters of the Company.

Pre-issue Promoter shareholding


Post-issue Promoter shareholding



Peer Comparison

According to the Zaggle IPO DRHP, the company's unique business model and diverse product portfolio do not have any direct counterparts among listed companies in India or globally.


IPO's Valuations

With the Zaggle Prepaid IPO share price ranging from Rs. 156 to Rs. 164 per share and an EPS of Rs. 2.46, the calculated P/E ratio comes out to be approximately 66.67.


Dividend Policy 

The company did not distribute dividends in the past, and any potential future dividend payments will be contingent upon the company's financial performance.


IPO's Strengths

  • A distinct SaaS-based fintech platform that provides a blend of payment tools, a mobile application, and seamless API integrations.
  • Utilization of internally developed technology and the presence of a robust network effect.
  • A business model featuring multiple revenue streams and minimal expenses related to customer acquisition and retention.
  • Varied customer associations spanning different industries, complemented by valued banking and merchant partnerships.
  • An experienced management team with extensive domain knowledge, bolstered by a skilled and dedicated workforce.


IPO Weaknesses

  • The company's operational history at its current scale is limited.
  • There are no comparable industry peers, both domestically and internationally, making it challenging to assess and benchmark its financial performance.
  • In fiscal year 2023, the company had negative operating cash flows, and as of March 31, 2022, and March 31, 2021, it had a negative net worth.
  • The company's business is subject to seasonal fluctuations that can lead to revenue variations within a financial year.
  • There are unresolved legal matters involving the company.
  • The company is required to obtain, maintain, or renew necessary statutory and regulatory permits and approvals.
  • The accuracy of the company's estimates and forward-looking statements may not be guaranteed.




Latest GMP of Zaggle Prepaid Ocean Services IPO is Rs. 32. 



The Zaggle Prepaid Ocean Services IPO presents an opportunity for investors to participate in the expanding fintech sector. With a diverse product portfolio and a strong client base, the company has notable strengths. However, it's worth noting that the offering appears to be priced at a premium, and the company has a history of negative cash flows. Therefore, it is recommended that investors thoroughly assess all aspects before considering an investment in this IPO.


Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.


To Read the Prospectus of the Company Click Here to Download the DRHP




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Frequently Asked Questions


Zaggle Prepaid Ocean Services is a fintech company that offers a diverse range of products and services, including spend management solutions, rewards and incentives management, and gift card management.


The Zaggle Prepaid Ocean Services IPO is scheduled to open on September 14, 2023 and close on September 18, 2023. The listing date is expected to be September 27, 2023.


The IPO issue price is set in the range of Rs. 156 to Rs. 164 per share.


A total of 34,352,255 shares are being offered in the IPO, including an offer for sale of 10,449,816 shares and a fresh issue of 23,902,439 shares.


Whether or not you should invest in the Zaggle Prepaid Ocean Services IPO depends on your individual investment goals and risk tolerance. It is important to carefully consider the risks and rewards before making any investment decision.

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