The Securities and Exchange Board of India (SEBI) has received the draught red herring prospectus (DRHP) for an initial public offering (IPO) from B2B fintech firm Zaggle . According to the draught paperwork, the business is offering to sell new stock worth INR 490 Cr. coupled with an additional 10.5 million shares. Zaggle has not outlined the complete offer value in its draught documents. As a result of the IPO, the ownership stakes of the company’s founder Raj P. Narayanan and CEO Avinash Godkhindi will each be reduced by roughly 1.5 million shares. Zaggle’s earnings climbed 54% year over year (YoY), from INR 19.3 Cr to INR 41.92 Cr, when compared to FY21.