Fino Payments Bank makes weak debut, lists at discount of over 5% - Hindustan Times
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Fino Payments Bank makes weak debut, lists at discount of over 5%

By | Written by Meenakshi Ray, New Delhi
Nov 12, 2021 10:30 AM IST

Fino Payments Bank IPO was subscribed 2.03 times on the last day of subscription that opened on October 29 and closed on November 2.

Fino Payments Bank made its stock market debut on Friday after its initial public offering (IPO) was oversubscribed by 2.03 times. Fino Payments Banks listed at a discount of over 5 per cent at  544 per share on the National Stock Exchange (NSE) as compared to its IPO issue price of  577 apiece. And on BSE, Fino Payments Bank share price started trading at  548 per share.

Fino Payments Bank is the first payments bank to get listed on the stock exchanges. (Bloomberg File Photo)
Fino Payments Bank is the first payments bank to get listed on the stock exchanges. (Bloomberg File Photo)

The scrip was trading at 563.00 on the BSE at 10:15am, down 2.43 per cent from the issue price and on NSE it was at 567.30.

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Fino Payments Bank IPO was subscribed 2.03 times on the last day of subscription that opened on October 29 and closed on November 2. According to data available with NSE, the  1,200.3-crore IPO received bids for 2,32,46,150 shares against 1,14,64,664 shares on offer.

Navi Mumbai-based fintech company Fino Payments Bank is the first payments bank to get listed on the stock exchanges.

The category for Qualified Institutional Buyers (QIBs) was subscribed 1.65 times and that for non-institutional investors was subscribed 21 per cent and Retail Individual Investors (RIIs) 5.92 times.

The initial public offer (IPO) had a fresh issue of up to 300 crore and an offer for sale of up to 1,56,02,999 equity shares. The price range for the offer was at 560-577 per share.

Fino Payments Bank, which garnered 539 crore from anchor investors, has said that it will use proceeds from the fresh issue towards augmenting its tier-1 capital base to meet its future capital requirements.

Backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC), Fino Payments Bank or FPBL is a scheduled commercial bank serving the emerging Indian market with its digital-based financial services.

The company is a fully-owned subsidiary of Fino Paytech.

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