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The institutional share sale is likely to result in an equity dilution of 15% to 16%, sources said.
The price of ₹500 – ₹520 is still below the current market price of the company.
Proceeds of this institutional share sale are likely to be used for inorganic growth and strategic investments.
Zaggle’s board had earlier approved raising funds to the tune of ₹950 crore.
At the end of the September quarter, promoters of Zaggle had a 43.88% stake in the company.
In an interaction with CNBC-TV18 on November 17, Avinash Godkhindi of Zaggle had mentioned that the company is looking at a growth rate between 55% to 60% for financial year 2025 and that margins will range between 9% to 10%.
Shares of Zaggle have declined slightly from their recent peak of ₹591.1. The stock is trading 4.3% lower at ₹550.2.
Despite the fall from the peak, shares of Zaggle Prepaid Ocean services have gained 155% so far in 2024.
Shares of Zaggle Prepaid Ocean Services have more than tripled from their IPO price of ₹164. It made its stock market debut in September last year.
