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Zaggle Prepaid Ocean Services has filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The IPO comprises fresh issue of equity shares worth Rs 490 crore and an offer for sale (OFS) component of 1.05 crore stocks by promoters, investors and other shareholders.

Proceeds from the fresh issue would be utilised towards customer acquisition and retention, development of technology and products, payment of debt and for general corporate purposes. ICICI Securities, Equirus Capital, IIFL Securities and JM Financial have been appointed as merchant bankers to manage the IPO. The equity shares of the company will be listed on the BSE and NSE.

Founded in 2011, Zaggle Prepaid Ocean Services operates in the business-to-business-to-customer segment. It has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (through SaaS).