Zaggle Prepaid makes lacklustre listing
Shares of Zaggle Prepaid Ocean Services made a weak debut at the bourses on Friday. Against the IPO price of ₹164, the stock of fintech player listed at ₹162 on the BSE and closed at ₹158.30. However, during the day, it hit a high of ₹176. The SaaS-based fintech platform raised ₹563.38 crore through the public issue. On the NSE, the stock after listing flat ₹164, closed at ₹159.50 — down 2.74 per cent.
The offer comprised a fresh issue worth ₹392 crore of and an offer-for-sale (OFS) of 1.04 crore shares worth ₹171.38 crore by selling shareholder and promoters.
The company plans to the fund raised for customer acquisition and retention, as well as the development of technology and products, at a cost of ₹340 crore. It will also repay its debt amounting to ₹17.08 crore, with the remaining funds being used for general corporate purposes.
Zaggle Prepaid Ocean Services had mobilised ₹253.52 crore from anchor investors, ahead of the issue.
“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 said.