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.

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.