Fino Payments Bank share makes a debut

Fino Payments Banks share made a debut in the market as the stock listed with a 5% discount to issue price of ₹577 on Nov 12. The share price opened at ₹588 on the BSE and the opening tick on the NSE was ₹544.35.

The IPO of fintech firm had a muted response from investors as the offer was subscribed 2.03 times between October and November. Qualified institutional buyers and retail investors supported the offer as their reserved portion saw 1.65 times and 5.92 times subscription, respectively. A part set aside for non-institutional investors was subscribed 21% and that of employees was 93%.

Fino Paytech owned entity has mobilized ₹1,200.29 through the public issue that had a fresh issue of ₹300cr and an offer for sale of ₹900.29cr by the promoter. The proceeds from the fresh issue will get utilized for augmenting banks Tier-1 capital base to achieve its future capital requirements.

The price band for the offer was at ₹560-577cr per equity share. Fino payments bank offer a wide range of financial products and services that are primarily digital & have a payment focus and operates an asset light business model.