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On Friday, shares of fintech company Zaggle Prepaid Ocean Services Ltd. made a subdued market debut, falling over 1% on the BSE in comparison to the Rs 164 issue price.

On the BSE, the stock began trading at Rs 162, down 1.21% from the issue price. Later, it made up the ground lost, rising 4% to Rs 170.70.

The stock was listed on the NSE at par with the issue price of Rs 164. Later in trade, it increased by another 4.26% to Rs 171 per unit. On Monday’s final day of subscriptions, the initial public offering (IPO) of Zaggle Prepaid Ocean Services Ltd. received 12,57 times the amount of subscriptions anticipated.

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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.