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

The initial share sale got bids for 24,28,83,090 shares against 1,93,26,761 shares on offer, according to data available with the NSE.

The category for Qualified Institutional Buyers (QIBs) was subscribed 16.73 times while the portion for non-institutional investors received 8.85 times subscription.

The quota for retail individual investors got subscribed 5.94 times.

The IPO had a fresh issue of up to ₹392 crore and offer for sale of up to 10,449,816 equity shares. The company’s IPO had a price range of ₹156-164 a share.

Zaggle Prepaid Ocean Services on Wednesday said it mobilised ₹253.52 crore from anchor investors.

The company proposes to utilise ₹300 crore of the net proceeds on expenditure towards customer acquisition and retention, up to ₹40 crore on expenditure for the development of technology and products, and up to ₹17.08 crore to pare down, in full or in part, debt availed of by the firm.

“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.

ICICI Securities, Equirus Capital, IIFL Securities and JM Financial were the managers to the offer.

Equity shares of the company will be listed on the BSE and the NSE.