Zaggle Shares Hit A 52-Week High After Securing Usd 20 Million Deal

Indian Market Overview

Indian headline indices started the session considerably lower, primarily driven by notable slumps in the information technology and banking sectors. Despite a recent 2% dip in the BSE Sensex and Nifty 50 over the past month, a distinct narrative has unfolded in the primary market, showcasing remarkable resilience and activity. Most of the IPOs not only garnered enthusiastic attention from investors but also delivered remarkable returns.

Zaggle Deal

While shares of Zaggle Prepaid Ocean Services Ltd debuted on the stock exchanges within their IPO price range of Rs 156 to Rs 164 per equity share, they have managed to impress investors with a strong rally. These shares have generated impressive returns of 52% since their listing on the BSE and reached a 52-week high of Rs 244.25 per share today.

Today, there has been a notable surge in buying interest in the company’s shares, resulting in a remarkable gain of over 11%. This surge in investor optimism comes in response to the announcement that the company has entered into a growth agreement with Visa Worldwide Pte. Limited (Visa). The company also revealed that Visa aims to strengthen its partnership by extending support for the issuance of Forex Co-Brand Cards. Visa will provide a Launch Bonus to facilitate the introduction of Forex Co-Brand Cards and offer incentives based on Forex transaction volumes, as outlined in the agreement.

Zaggle has the opportunity to harness its existing corporate client base to offer Forex cards to the employees of these corporate clients, integrating it closely with Zaggle’s expense management solution. The deal is projected to have an estimated value of around 20 million dollars over the next five years.

About Zaggle

Founded in 2011, Zaggle has emerged as a key player in the field of spend management, providing a wide range of fintech products and services. At present, the company boasts a user base exceeding 1.7 million individuals and has issued an impressive 45 million prepaid cards since its inception.

Keep a close eye on this stock for the upcoming trading sessions!

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.