How to check the allotment status of Zaggle Prepaid Ocean Services IPO

How to check the allotment status of Zaggle Prepaid Ocean Services IPO
How to check the allotment status of Zaggle Prepaid Ocean Services IPO

by Tanushree Jaiswal Last Updated: Sep 18, 2023 - 11:53 pm 197 Views

Highlights of the Zaggle Prepaid Ocean Services Ltd IPO

The ₹563.38 crore IPO of Zaggle Prepaid Ocean Services Ltd, consists of a fresh issue of ₹392 crore and an offer for sale ₹171.38 crore by the existing shareholders, which includes the promoters and the early investors in the company. Out of the 8 sellers in the OFS, 2 are promoters selling in the OFS while the other 6 are early investors taking an exit. The IPO just closed on Monday, 18th September 2023 and at the close of the third day, the issue was subscribed 12.57 times overall. The basis of allotment will be finalized on 22nd September 2023 while the refunds to non-allottees will be initiated on the 25th September 2023. The company expects to complete the demat credits to the allottees as of 26th September 2023, while the company plans to list its IPO on the BSE and the NSE on 27th September 2023.

Allotment status online is an internet facility that is provided by the BSE (formerly Bombay Stock Exchange) and by the registrars on their website. Many of the brokers also provide direct connectivity to the database. However, in the absence of any connectivity, one option you always have to use one of these options. That means; you can either check your allotment status on the BSE website or the IPO registrar, KFIN Technologies Limited (formerly Karvy Computershare). Here are the steps.

Checking the allotment status of Zaggle Prepaid Ocean Services Ltd on BSE website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below.

Once you reach the page, here are the steps to follow.

  • • Under Issue Type – Select Equity Option
  • • Under Issue Name – Select Zaggle Prepaid Ocean Services Ltd from the drop down box
  • • Enter the Application Number exactly as in the acknowledgement slip
  • • Enter the PAN (10-digit alphanumeric) number
  • • Once this is done, you need to click on the Captcha to verity that you are not a robot
  • • Finally click on the Search Button


In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters. There is one more point to note. Even if the company appears in the dropdown, the allotment status will only be available for you to check after the basis of allotment is finalized.

To complete your checking process, once you click on the SUBMIT button, the allotment status will be displayed on the screen in front of you informing about the number of shares of Zaggle Prepaid Ocean Services Ltd allotted into your demat account. You can save a screenshot for future reference and for reconciling with the demat credit on 26th September 2023

Checking the allotment status of Zaggle Prepaid Ocean Services Ltd on KFIN Technologies Ltd (Registrar to IPO)

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

Here you are given the choice to select 5 servers viz. Link 1, Link 2, Link 3, Link 4, and Link 5. There is nothing to be confused, as these are just server backups in case one of the servers is experiencing too much traffic. You can select any of these 5 servers and in case you are finding problems accessing one of the servers, then try the other one. There is no difference, which server you select, the output will still be the same.

A small thing to remember here. Unlike on the BSE website, where the names of all IPOs are there on the drop-down menu, the registrar will only provide list of the IPOs managed by them and where the allotment status is already finalized. Also, for simplicity, you can either choose to see all IPOs or just recent IPOs. Choose the latter, as that reduces the length of the list of IPOs you need to search through. Once you click on Recent IPOs, the dropdown will only show the recent active IPOs, so once the allotment status is finalized, you can select Zaggle Prepaid Ocean Services Ltd from the drop-down box.

  • There are 3 options. You can either query the allotment status based on PAN, Application Number or Demat Account (DPID-Client ID combination).
  • To Query by PAN, check the appropriate box and follow these steps.
    • Enter the 10-digit PAN number
    • Enter the 6-digit Captcha Code
    • Click on Submit button
    • Allotment status gets displayed on screen
  • To Query by Application Number, check the appropriate box and follow these steps.
    • Enter the Application Number as it is
    • Enter the 6-digit Captcha Code
    • Click on Submit button
    • Allotment Status gets displayed on screen


In the past, the first step was to select Application Type (ASBA or Non-ASBA) before inputting your application number. Now, that step has been done away with.

  • To Query by Demat Account, check the appropriate box and follow these steps.
    • Select the depository (NSDL / CDSL)
    • Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
    • Enter the Client-ID
    • In the case of NSDL, the Demat account is 2 strings
    • In the case of CDSL, the Demat account is just 1 string
    • Enter the 6-digit Captcha Code
    • Click on Submit button
    • Allotment Status gets displayed on screen


It is always advisable to retain a saved screenshot of the allotment status output for future reference. The same can be tallied with the demat account credit subsequently.

What determines the chances of allotment in the IPO?

Broadly, there are 2 factors that determine the chances of an investor in getting an IPO. The first is the number of shares available under each of the categories, depending on which category you choose to invest in. The table below captures the quota for each of the categories as decided by the company in consultation with the BRLMs.

Anchor Investor Shares Offered

1,54,58,515 shares (45.00%)

QIB Shares Offered

1,03,05,677 shares (30.00%)

NII (HNI) Shares Offered

51,52,838 shares (15.00%)

Retail Shares Offered

34,35,225 shares (10.00%)

Total Shares Offered

3,43,52,255 shares (100.00%)

In the above table, the anchor portion allotment is already completed a day ahead of the IPO. The subscription for each category is only for the residual amount. We now move to the second item that influences allotment and that is the subscription ratio. Here is what the percentage subscription for each category looks like.


Subscription Status

Qualified Institutional Buyers (QIB)

16.73 Times

S (HNI) ₹2 lakhs to ₹10 lakhs


B (HNI) Above ₹10 lakhs


Non Institutional Investors (NII)

8.85 Times

Retail Individuals

5.94 Times


Not Applicable


12.57 times

Data Source: BSE

As can be seen, greater the oversubscription, lower the chances of allotment. However, one thing to note is that SEBI rules for retail allocation are designed in such a way that maximum investors get at least the minimum 1 lot allotment. So, applying in the names of all your family members can improve your chances of allotment.

Brief on the business model of Zaggle Prepaid Ocean Services Ltd

Zaggle Prepaid Ocean Services Ltd, was incorporated in 2011 to provide fintech products and services to manage corporate business expenses. These were being managed through automated and innovative workflows designed for such specific needs. Zaggle Prepaid Ocean Services Ltd offers fintech and SAAS (software as a service) products to corporates in the field of banking, fintech, healthcare, FMCG, automobiles, infrastructure, industrial manufacturing etc. the SAAS platform of Zaggle Prepaid Ocean Services Ltd is designed with 3 broad purposes in mind. It helps in business spend management; and this includes managing of expenses and of vendors. Secondly, the platform also manages a very efficient and effective rewards and incentives program meant for employees and channel partners based on performance. Lastly, the SAAS platform also handles gift card management for merchants, which broadly falls under customer engagement management. The company has an impressive roster of clients which, inter alia, includes Tata Steel, Persistent Systems, Inox, Pitney Bowes, Wockhardt, Mazda, Philips Carbon Black (PCBL), Hiranandani Group, Greenply Industries and Cotiviti.

The product portfolio of Zaggle Prepaid Ocean Services Ltd comprises of various focused solutions for corporates. The Propel Platform is a SAAS platform for channel rewards and incentives management as well as for employee recognition. The SAVE SAAS based platform also offers a mobile application for digitized expense management, digitized authentication, and employee reimbursements. The Customer Engagement Management Services (CEMS) system enables merchants to manage their entire gamut of customer experience under a single umbrella platform. Zaggle Prepaid Ocean Services Ltd also offers the Zaggle payroll card which is a pre-paid card that allows customers to pay contractors, temporary employees, and contract workers as an alternative to cash or bank payments. Lastly, the Zoyer is an integrated data driven SAAS platform that offers spend management with automated finance capabilities.

The fresh funds will be used for customer acquisition, customer retention, building the technology stack, expanding into new markets and also for repayment of certain high cost loans. The IPO will be lead managed by ICICI Securities, Equirus Capital, IIFL Securities and JM Financial. KFIN Technologies will be the registrar to the IPO.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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