Fino Payments Bank IPO listing today: Shares listed at loss, trading at 10% off premium

Following the rollout of Fino Payments Bank’s initial public offering (IPO), the company’s shares made a weak debut at the stock exchanges. The shares of Fino Payments Bank were listed at a loss of over 5 per cent. The IPO which had a price band of Rs 560 – Rs 577 a share was listed at Rs 544 apiece. The shares have fallen further down since listing and were trading at Rs 520, at around 10 per cent off the premium at 1 pm on Friday.

Fino Payments Bank’s Rs 1,200-crore IPO was subscribed 2.03 times on the last day of subscription on Tuesday, November 2. The IPO received bids for 2,32,46,150 shares against 1,14,64,664 shares on offer, according to the National Stock Exchange (NSE). Before its opening on the market, the company last week had informed that it had already amassed over Rs 539 crores solely from its anchor investors.

Share price of Fino Payments Bank

Following its off-value listing, the company’s shares rose a bit from its opening levels. The shares of the investment company touched a high of Rs 583.35 on BSE and Rs 582.95 on the NSE. However, it went in to a freefall after investors began booking profit as it touched the high. Many broke even on their investment in the IPO. The shares were trading at Rs 520, at around 10 per cent off the premium at 1 pm on Friday.

Fino Payments Bank refund status

The Fino Payments Bank IPO was backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC). The company finalised its IPO allotment on Tuesday, November 9 and initiated the refunds on Wednesday, November 10. As the issue has now taken place on BSE and NSE, the refunds should have reached all investors. Individuals can check the BSE website for the refund status in case of any problem.  

Fino Bank’s rating on the exchange

As per the company’s prospectus, the capital collected from the fresh issue would be utilised to increase the bank’s capital base so that it can cover capital needs in the future. The fresh issue was tagged as a suitable option for long-term investment due to its history of stability by market experts. Fino Payments Bank is a commercial bank with digital financial services for its clients in the Indian market and has become the first payments bank to be listed on the stock exchange.

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