The stock listed at ₹162, down 1.21 per cent from the issue price on the BSE. Later, it lost more ground with the share price down by 5.7 per cent to ₹158.30.

At the NSE, the stock got listed at par with the issue price of ₹164. It ended up at ₹158.35.

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

The initial share sale had a fresh issue of up to ₹392 crore and an offer-for-sale of up to 10,449,816 equity shares.

The company’s IPO had a price range of ₹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.