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Fino Payments Bank makes tepid debut, share lists 5% lower to IPO price

Fino Payments Bank makes tepid debut, share lists 5% lower to IPO price

The fintech firm made its market debut at Rs 544.35 per share on the NSE against the IPO issue price of Rs 577.

On BSE, Fino Payments Bank made its market debut at Rs 548 per share implying a discount of 5.05%. On BSE, Fino Payments Bank made its market debut at Rs 548 per share implying a discount of 5.05%.

Shares of Fino Payments Bank listed at a discount of over 5% to the issue price today. The fintech firm made its market debut at Rs 544.35 per share on the NSE against the IPO issue price of Rs 577. Price band of the IPO was fixed at Rs 560- Rs 577per share.

Total 15.04 lakh shares of the firm changed hands amounting to a turnover of Rs 85.68 crore on NSE. Market cap of the firm stood at Rs 4,784 crore.

On BSE, Fino Payments Bank made its debut at Rs 548 per share, implying a discount of 5.05%.

Total 1.48 lakh shares of the firm changed hands amounting to a turnover of Rs 8.40 crore on BSE. Market cap of the firm stood at Rs 4,736 crore.

The initial public offering (IPO) of the new age lender was open for subscription between October 29 and November 2. The lender raised Rs 1,200.29 crore by selling its shares in the price band of Rs 560- Rs 577 a piece. The IPO was subscribed 2.03 times on the last day.

One could apply for a minimum of 25 shares or one lot by spending Rs 14,425 and a maximum of 325 shares or 13 lots could be applied for by spending Rs 1,87,525.

Post the IPO, the promoter holding has come down to 75% against the earlier 100%.

Allotment of shares for the IPO was done on November 9.

The portion for qualified institutional buyers was subscribed 1.65 times. Retail investors applied for 5.92 times their allocated portion. Non-institutional investors subscribed to 21 per cent of the shares set aside for them and the employees' portion was subscribed 93 percent.

The Fino PayTech-owned company is engaged in providing primarily digital financial products and services that have a payments focus. Since 2017, it has grown its operational presence to over 90 percent of the country's districts as of September.

The company has been profitable since the fourth quarter of FY20. It operates an asset-light business model that principally relies on fee and commission-based income generated from its merchant network and strategic commercial relationships.