Zaggle Prepaid makes muted market debut; shares settle over 3 per cent lower

Zaggle Prepaid makes muted market debut; shares settle over 3 per cent lower

Shares of fintech player Zaggle Prepaid Ocean Services Ltd made a muted market debut on Friday, falling over 3 per cent, against the issue price of Rs 164.

The stock listed at Rs 162, down 1.21 per cent from the issue price on the BSE. During the day, it hit a high of Rs 176 and a low of Rs 155.60. Shares of the company ended at Rs 158.30 per piece, down 3.47 per cent.

The company commanded a market valuation of Rs 1,932.79 crore.

In volume terms, 12.49 lakh shares of the company were traded on the BSE and over 2.15 crore shares on the NSE during the day.

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 1,04,49,816 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 had said.