Fino Payments Bank makes weak debut, lists at discount of over 5%

Fino Payments Bank IPO was subscribed 2.03 times on the last day of subscription that opened on October 29 and closed on November 2.

Fino Payments Bank made its stock market debut on Friday after its initial public offering (IPO) was oversubscribed by 2.03 times. Fino Payments Banks listed at a discount of over 5 per cent at ₹544 per share on the National Stock Exchange (NSE) as compared to its IPO issue price of ₹577 apiece. And on BSE, Fino Payments Bank share price started trading at ₹548 per share.

Fino Payments Bank is the first payments bank to get listed on the stock exchanges.  (Bloomberg File Photo)

The scrip was trading at ₹563.00 on the BSE at 10:15am, down 2.43 per cent from the issue price and on NSE it was at ₹567.30.

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

Navi Mumbai-based fintech company Fino Payments Bank is the first payments bank to get listed on the stock exchanges.

The category for Qualified Institutional Buyers (QIBs) was subscribed 1.65 times and that for non-institutional investors was subscribed 21 per cent and Retail Individual Investors (RIIs) 5.92 times.

The initial public offer (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 price range for the offer was at ₹560-577 per share.

Backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC), 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.