Latest News | Zaggle Prepaid Makes Muted Market Debut; Shares Bounce Back Later

New Delhi, Sep 22 (PTI) Shares of fintech player Zaggle Prepaid Ocean Services Ltd made a muted market debut on Friday, falling over 1 per cent on the BSE, 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. Later, it recovered the lost ground and jumped 4 per cent to Rs 170.70.

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At the NSE, the stock got listed at par with the issue price of Rs 164. It further climbed 4.26 per cent to Rs 171 apiece later in trade.

The Initial Public Offering (IPO) of Zaggle Prepaid Ocean Services Ltd was subscribed 12.57 times on the last day of subscription on Monday.

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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 had said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)