Zaggle IPO: Anchor Investors Pour in Rs 253 Crore

Spend management solutions startup Zaggle has raised Rs 253.52 crore from anchor investors ahead of its IPO.

The IPO will open for subscription on September 14 and close on September 18.

The IPO comprises a fresh issue of shares worth Rs 392 crore and an offer for sale (OFS) of 1,04,49,816 equity shares.

The price band for the IPO has been set at Rs 156-164 per share.

The IPO is being managed by ICICI Securities, Equirus Capital, IIFL Securities, and JM Financial.

The company was founded in 2016 by Raj P Narayanam and Avinash Ramesh Godkhindi.

Zaggle is a B2B SaaS fintech startup that provides spend management solutions to corporates.

The company has over 1,000 customers, including some of the largest corporates in India.

Zaggle's solutions help corporates to manage their expenses, track their spending, and control their budgets.

The IPO is expected to help Zaggle to expand its business and reach new customers.

The company plans to use the proceeds from the IPO to invest in research and development, marketing, and sales.

This is a positive sign for the IPO and is likely to boost investor confidence.

The IPO has been well-received by investors, with the anchor investors subscribing to the entire issue.

The company is targeting a valuation of Rs 1,500 crore-2,000 crore through the IPO.

The IPO is expected to be a success and Zaggle is expected to list on the stock exchanges on September 22.

Zaggle is well-positioned to benefit from the growing spend management market in India.

The IPO is a good opportunity for investors to invest in a promising fintech startup with a strong growth potential.

The IPO is open for subscription from September 14 to 18.

Investors can apply for the IPO through a broker or online.

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