SAMHI Hotels, Zaggle Prepaid gear up for T+3 debut on Friday. Muted listing in the offing?

The shares of SAMHI Hotels and Zaggle Prepaid will debut on the exchanges on Friday, within three days of IPO closure as more and more companies adapt to the new T+3 listing regime.

This trend was started by Ratnaveer Precision Engineering as it became the first company to list within three days of issue closing post Sebi rules change.

RR Kabel went a step further and became the fastest to debut on the exchanges, just within two days after the IPO closed.


The debuts of both SAMHI and Zaggle are expected to be flat-to-muted, bucking the recent trend of robust listing gains.

According to market analysts, SAMHI and Zaggle are commanding a premium of Rs 5 and Rs 14, respectively, in the unlisted market.

While SAMHI is likely to list at a mild premium of 4%, Zaggle will most probably fetch an 8%. Both the companies have finalised the share allotment to investors earlier on Thursday.

The IPOs of SAMHI Hotels and Zaggle Prepaid were closed on September 18.

Analysts were mostly mixed on the IPOs of these companies on profitability concerns and aggressive valuations.

For the year ending March 2023, SAMHI Hotels' revenue from operations more than doubled to Rs 738 crore. However, the main concern for analysts was its losses for the past three financial years. In FY23, the company posted a loss of Rs 338.5 crore.

Zaggle Prepaid, meanwhile, has clocked revenues of Rs 553 crore and a profit after tax of Rs 22.9 crore in the same period.

After a tepid demand for the first two days, the IPOs of SAMHI Hotels and Zaggle Prepaid managed to sail through on the last day of the bidding process. Both the issues opened on September 14.

While SAMHI Hotels' issue was subscribed 5.33x at close, Zaggle Prepaid's offer was booked nearly 12.57 times on Day 3 on strong institutional interest.

SAMHI Hotels' Rs 1,370 crore IPO comprised fresh equity issue of Rs 1,200 crore and OFS 1.35 crore equity shares. Zaggle's issue included a fresh equity of Rs 392 crore and an OFS of 1.04 crore shares.