B2B SaaS fintech startup Zaggle’s public issue continued to see a muted response, receiving 0.43X subscription at the end of day 2.
Of the 1.93 Cr shares on offer, the issue received bids for 83.23 Lakh shares by the end of Friday (September 15).
Retail investors bid for the highest number of shares – 67.92 Lakh. The portion reserved for retail individual investors was oversubscribed 1.91X.
On day 1, retail investors placed bids for 31.13 Lakh shares.
On the other hand, non-institutional investors (NIIs) placed bids for 15.28 Lakh shares by the end of day 2 out of the 53.36 Lakh shares reserved for them. The portion was subscribed 0.29X by the end of today as against 0.11X on day 1.
Qualified institutional buyers (QIBs) placed bids for a mere 2,520 shares as against 1.04 Cr shares allocated for them.
Zaggle’s IPO comprises a fresh share issue worth INR 392 Cr and an offer for sale (OFS) element of 10.5 Mn shares.
Earlier this week, the startup allocated 1.54 Cr shares to its anchor investors from whom it raised INR 253.52 Cr.
The startup has set a price band of INR 156-INR 164 per equity share for the IPO. On the upper price band, its total IPO issue size stands at INR 563.4 Cr.
Zaggle and Yatra are both taking the IPO route around the same time. Zaggle launched its IPO on Thursday and it will close on September 18.
Meanwhile, Yatra opened its IPO for subscriptions today. On day 1, the traveltech platform’s IPO saw a muted response with an 11% subscription.
In July this year, ideaForge also listed on the bourses at a 94% premium. However, Yudiz Solutions saw a muted market debut, listing at a mere 12% premium on the NSE SME platform.
While a number of startups, including OYO, Navi, and GoDigit, are expected to go public in the coming months, Mamaearth seems to be the best placed to come out with its public issue this year.
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