Fino Payments Bank shares make a tepid debut

Fino Payments Bank shares make a tepid debut

Fino Payments Bank shares made a tepid debut on the bourses as the stock listed with a 5% discount to issue price of Rs 577 on November 12. The share price opened at Rs 548 on the BSE and the opening tick on the National Stock Exchange was Rs 544.35.
The initial public offering of fintech company had received a muted response from investors as the offer was subscribed 2.03 times during October 28-November 2.

Qualified institutional buyers and retail investors supported the offer as their reserved portion saw 1.65 times and 5.92 times subscription, respectively. A part set aside for non-institutional investors was subscribed 21% and that of employees was 93%.
Fino Paytech-owned entity has mobilised Rs 1,200.29 crore through its public issue that had a fresh issue of Rs 300 crore and an offer for sale of Rs 900.29 crore by the promoter. The proceeds from the fresh issue will get utilised for augmenting bank’s Tier – 1 capital base to meet its future capital requirements.
The price band for the offer was at Rs 560-577 per equity share.

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