Zaggle Prepaid shares made a flat D-st debut; lists at par on NSE, marginally lower on BSE

Shares of Zaggle Prepaid Ocean Services made a flat debut at Dalal Street on Friday as the fintech solutions provider was listed at Rs 164 on the National Stock Exchange (NSE), which is also the issue price of Rs 164. Similarly, the stock kicked-off its maiden trading session at a discount of 1 per cent at Rs 162 on BSE.

A day before its listing, Zaggle Prepaid Ocean Services was commanding a premium of Rs 10-15 per share in the grey market. It has seen a sharp correction since the closure of the bidding. However, it was around Rs 30-35 before the issue opened for bidding.

The Rs 563.38 crore IPO of Zaggle Prepaid Ocean Services was open for bidding between September 14-18.The company sold its shares in the range of Rs 156-164 apiece during the three-day bidding process and investors could make a bid of a minimum of 90 equity shares and its multiples thereafter.

The issue of Zaggle Prepaid Ocean Services was overall subscribed 12.86 times, led by qualified institutional bidders (QIBs), whose portion was booked 16.94 times. The non-institutional investors' category saw bids for 9.16 times and the allocation reserved for retail investors was subscribed 6.15 times during the three-day bidding process.

Zaggle Prepaid Ocean Services, incorporated in 2011, provides fintech products and services to manage corporate business expenses through automated and innovative workflows. It had seven offices across the country with more than 1,750 customers, and over 1.7 million end users as of March 31, 2023.

ICICI Securities, IIFL Securities, JM Financial and Equirus Capital are managers to the issue, while Kfin Technologies is the registrar for the issue.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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