Shares of fintech player Zaggle Prepaid Ocean Services Ltd made a muted market debut on Friday, falling over 1% on the BSE, against the issue price of Rs 164. The stock listed at Rs 162, down 1.21% from the issue price on the BSE. Later, it lost more ground with the share price down by 5.7% to Rs 158.30.
At the NSE, the stock was listed at par with the issue price of Rs 164. It ended up at Rs 158.35. The Initial Public Offering (IPO) of Zaggle Prepaid Ocean Services Ltd was subscribed 12.57 times on the last day of subscription on Monday.
The initial share sale had a fresh issue of up to Rs 392 crore and an offer-for-sale of up to 10,449,816 equity shares. The company’s IPO had a price range of Rs 156-164 a share.
Founded in 2011, the company has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (through SaaS), the firm said.
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