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Fino Payments Bank IPO Subscribed 51% On First Day Of Issue

Fino Payments Bank IPO Subscribed 51% On First Day Of Issue

NDTV
Friday, October 29, 2021 5:11 PM GMT

Fino Payments Bank IPO: Retail individual investors showed greater interest today as the portion reserved for them was subscribed 2.73 times-the highest among the three groups of investors.

Fino Payments Bank's Rs 1,200 crore initial public offer (IPO) was subscribed 51 per cent on the first day its issue, according to subscription data on the stock exchanges. The fintech company's public offer opened for subscription today for investors, and will close on November 2.

On Friday, retail individual investors (RII) showed greater interest as the portion reserved for them was subscribed 2.73 times - the highest among the three groups of investors. The portion set aside for the qualified institutional buyers or QIB remained unsubscribed, while the portion reserved for the non-institutional investors was subscribed 0.05 times.

For the public offer, Fino Payments Bank has fixed a price band of Rs 560-577 per share. A retail-individual investor can apply for up to 13 lots - 325 shares or Rs 187,525. Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory are the lead managers to the issue.

The primary market offering will include a fresh issue of Rs 300 crore and an offer for sale of up to 1,56,02,999 shares by the promoter Fino Paytech. The company will utilise net proceeds from the fresh issuance to augment its Tier - 1 capital base to meet future capital requirements.

Read full story on NDTV
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