The initial public offering of FSN E-Commerce Ventures Ltd, excluding anchor book, was subscribed 4.86 times on Friday, the second part of the three-day offering.
Stock exchange data showed that till 5 pm, the IPO had received applications for 127.75 million shares as against 26.28 million shares. The institutional investor category was subscribed 4.77 times, while the high net worth individuals in the non-institutional category were subscribed 418% or 4.18 times.
Retail investors who cannot invest more ₹2 lakh per person, subscribed 6.34 times out of the 4.73 million shares on offer, the data showed.
“The company has focused on capital efficiency and unit economics, as well as building for scale and growth. Therefore, given the scale of operations, strong management team, profitable concern and high growth potential in the industry, we believes that the company has created an industry on its own”, Hem Securities said in a note to its investors.
Meanwhile, Fino Payments Bank subscribed 51% on the first day of the three-day offering that closed on November 2.
Excluding anchor allocation, the overall book was subscribed 0.51 times. Till 5 pm, high net worth individuals attracted 5% of the shares reserved for the category. The Institutional Investor category has not yet placed bids.
Stock exchange data shows that retail individual investors applied for 273% or 2.73 times the shares on offer.
The Fino Payments Bank IPO is available at the upper end of the price band at a price-to-book value of 29.29x, based on its NAV of Rs. 19.70 At the end of 1QFY22, demand for market cap of Rs. 48,015 million. The RoNW for FY21 is 14.6%. With over 90% operational presence across the district, the company has a great opportunity to strengthen its business in the coming years”, Anand Rathi said in a note to its investors.
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