The initial public offering (IPO) of Fino Payments Bank was subscribed 2.03 times on the last day of subscription on Tuesday, after receiving tepid response on the first two days. The ₹1,200-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.
The share sale 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, that had opened for subscription last week on October 29, was at ₹560-577 per share. Ahead of its IPO, Fino Payments Bank had on Thursday said it has garnered ₹539 crore from anchor investors.
The finalization of share allotment of Fino Payments is likely to happen on 9th November. The shares may get credited to demat accounts on November 11, 2021 of bidders who received the allotment. The company is expected to list on stock exchanges BSE and NSE next week on November 12.
The share allotment status can be checked online on the IPO's registrar websiter KFintech Private Limited here or on BSE website here.
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.
Proceeds from the fresh issue would be used towards augmenting the bank's Tier-1 capital base to meet its future capital requirements. Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory and Securities were the managers of the offer. 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.
