Shares of Fino Payments Bank made their debut in the stock market by listing at a discount of over 5% on Friday 544 per share compared to its IPO issue price on NSE 577 per. On BSE, Fino Payments Bank share price started trading 548 per share on its listing.
NS Initial Public Offering (IPO) Fino Payments Bank was subscribed 2.03 times on the last day of subscription opening on October 29 and closing on November 1. As per data available with NSE, 1,200.3 crore IPOs received bids for 2,32,46,150 shares, while NSE held 1,14,64,664 shares.
The latest issue till date came in the IPO of Fino Payments Bank 300 crore and offer for sale of 1,56,02,999 equity shares. The Company will utilize the proceeds of the fresh issue to enhance the Tier I capital base of the Bank to meet its future capital requirements.
The price range for the offer was 560-577 per share. Fino Payments Bank had acquired 539 crore from anchor investors before its initial share sale. Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory & Securities were the managers of the offer.
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 wholly owned subsidiary of Fino Petec, a leader in technology-enabled financial inclusion solutions. It is backed by investors such as Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC).
Fino Payments Bank has created a pan India presence with 724,671 merchants (Own and API) as on 30th June, 2021 which are generally located in Tier-2 and Tier-3 cities.
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