Zaggle Prepaid Ocean Services Limited has released its Monitoring Agency Reports for the quarter ended March 31, 2026. The reports provide an update on the utilization of proceeds from both the company’s Initial Public Offer (IPO) and its Qualified Institutional Placement (QIP). While the QIP shows no deviations, the IPO monitoring report notes an excess utilization of ₹2.037 crore under General Corporate Purposes due to lower-than-anticipated issue-related expenses.
IPO Proceeds Utilization Update
For the IPO, which raised a total of ₹392 crore, the Monitoring Agency reported that utilization is largely consistent with the stated objects. However, there has been a notable deviation regarding General Corporate Purposes (GCP). During Q4FY26 (January–March 2026), the company utilized ₹2.037 crore in excess under GCP. Management attributes this to lower actual issue-related expenses compared to the estimates originally disclosed in the Prospectus.
The report highlights that while the overall utilization remains aligned with the IPO’s objectives, there have been delays in the implementation timeline compared to the initial projections. As of March 31, 2026, the company has completed utilization for customer acquisition, technology development, and debt repayment, with only minor unutilized funds remaining from the issue proceeds.
Qualified Institutional Placement (QIP) Progress
Regarding the QIP, which aggregated to ₹594.84 crore, the Monitoring Agency confirmed there were no deviations from the objects of the issue. The company is actively deploying these funds for strategic investments, including the acquisition of a 100% equity stake in Rivpe Technology Private Limited, which was finalized on March 30, 2026.
Investment of proceeds for QIP objectives is currently ongoing. As of the end of Q4FY26, the company has deployed ₹121.52 crore out of the ₹375 crore earmarked for strategic acquisitions and inorganic growth, with further utilization planned through March 2027. The remaining unutilized funds from the QIP are currently held in fixed deposits to ensure capital preservation while awaiting deployment.
Source: BSE
