Fino Payments Bank shares list at discount to issue price

Market


Shares of Fino Payments Bank made its stock market debut on Friday, by listing at a discount of over 5% at 544 per share on the NSE as compared to its IPO issue price of 577 apiece. On the BSE, Fino Payments Bank share price started trading at 548 per share on its listing.

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

Fino Payments Bank 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 company would use proceeds from the fresh issue towards augmenting the bank’s tier-1 capital base to meet its future capital requirements.

The price range for the offer was at 560-577 per share. Fino Payments Bank had has garnered 539 crore from anchor investors ahead of its initial share sale. Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory and 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 fully-owned subsidiary of Fino Paytech, a pioneer in technology-enabled financial inclusion solutions. It is backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC).

Fino Payments Bank has built a pan-India presence with 724,671 merchants (own and API) as of June 30, 2021 which are typically located in Tier-2 and Tier-3 towns.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!



Source link

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments