Fino Payments Bank IPO subscribed 2.03 times on last day, listing likely on November 12

Fino Payments Bank’s Rs 1,200-crore initial public offering (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.

Fino Payments Bank IPO which opened on October 29, saw the category for Qualified Institutional Buyers (QIBs) get subscribed 1.65 times, while that for non-institutional investors was subscribed 21 per cent. Meanwhile, the portion for Retail Individual Investors (RIIs) was subscribed a total 5.92 times. The company IPO had offered a fresh issue of up to Rs 300 crore and an offer for sale of up to 1,56,02,999 equity shares.

The Fino Payments Bank IPO managed by Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory and Securities opened at a price range of Rs 560-577 per share. Backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC), Fino Paytech will finalise its IPO allotment on November 9 and refunds will be initiated on November 10. The issue is likely to be listed on bourses- Bombay Stock Exchange and NSE on November 12.

Fino Payments 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.

About Fino Payments Bank

According to the Payment Bank, it has a presence in 94% of districts in India with more than 6.41 lakh banking outlets. 54 bank branches and 143 customer service points. Incorporated on April 4, 2017, Fino Payments Bank, says it is the digital banking partner for millions of hardworking Indians.

"We operate an asset-light business model where each Banking Outlet (merchant) serves the banking and financial needs of its community, which in turn forms the backbone of our assisted-digital ecosystem, referred to as our “phygital” delivery model (i.e., a combination of physical and digital)," it said in its website adding that 'phygital' delivery model makes that more accessible to a broader range of consumers throughout the country.

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