Zaggle Prepaid Ocean Services Ltd, a fintech player, experienced a subdued market entry on Friday, dropping slightly over 1 percent on the BSE compared to its issue price of ₹164.
The stock commenced trading at ₹162, marking a 1.21 percent decline from the issue price on the BSE. Subsequently, it faced further decline, with the share price dropping by 5.7 percent to ₹158.30.
Over at the NSE, the stock debuted at par with the issue price of ₹164, ultimately closing at ₹158.35.
During the final day of subscription on Monday, the Initial Public Offering (IPO) of Zaggle Prepaid Ocean Services Ltd garnered a subscription rate of 12.57 times.
The IPO included a fresh issue of up to ₹392 crore along with an offer-for-sale of up to 10,449,816 equity shares.
The company’s IPO was offered within a price range of ₹156-164 per share.
Established in 2011, the company has carved out a unique market position in India by providing an integrated solution for spend management via prepaid cards and employee management (through SaaS), as stated by the firm.
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